Revolving Loan Fund Plan.

CFR · 2024-01-01 · US · Title 13

All RLF Recipients shall manage RLFs in accordance with an RLF plan (the “ (a) (2) Part II of the Plan titled “Operational Procedures” must serve as the RLF Recipient's internal operating manual and set out administrative procedures for operating the RLF consistent with “Prudent Lending Practices,” as defined in § 307.8, the RLF Recipient's environmental review and compliance procedures as set out in § 307.10, and EDA's conflicts of interest rules set out in § 302.17 of this chapter. (b) (1) The Plan must be consistent with the CEDS or EDA-approved economic development plan, if applicable, for the Region. (2) The Plan must identify the strategic purpose of the RLF and must describe the selection of the financing strategy and lending criteria, including: (i) An analysis of the local capital market and the financing needs of the targeted businesses; and (ii) Financing policies and portfolio standards that are consistent with EDA's policies and requirements; and (3) The Plan must demonstrate an adequate understanding of commercial loan portfolio management procedures, including loan processing, underwriting, closing, disbursements, collections, monitoring, and foreclosures. It also shall provide sufficient administrative procedures to prevent conflicts of interest and to ensure accountability, safeguarding of assets and compliance with Federal and local laws. (c) (2) An RLF Recipient must notify EDA of any change(s) to its Plan. Any material modification, such as a merger, conso

official document · source cfr-2024 · id 13:§ 307.9