When the loans recommended are beyond the authority of the DLC, then the application will be submitted to the PMT Loans Committee for consideration and action. Name of Beneficiary Type of Micro-Enterprise Amount Disbursed Interest Loan Amount Sign Male Female . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . Memorandum of Agreement for Intermediary Agencies . All calculated on the declining balance. Interest will be accrued during the grace period.
Interest accrues immediately from the loan disbursement date.
All members will be jointly and severally liable for repaying the loan in full. This will only be done on approval of the agency- loans committee. This agreement will remain in force as long as there is outstanding balances of the loan. The Agency shall prepare and submit micro project reports on a monthly basis, after signing of the agreement. No funds shall be disbursed to the Agency whether for loans or commissions without these returns.