Eligibility requirements—intermediaries.

CFR · 2024-01-01 · US · Title 7

To be eligible to receive an Agency IRP loan, an intermediary must comply with the requirements specified in paragraphs (a) through (i) of this section. (a) (1) A private nonprofit corporation; (2) A public agency; (3) An Indian Tribe; or (4) A cooperative. (b) (c) (1) Except as provided in paragraph (c)(2) of this section, such record must include recent experience in loan making and servicing with loans that are similar in nature to those proposed by the intermediary and a delinquency and loss rate acceptable to the Agency. Any request for an exception must be specifically addressed in the loan application and be supported with concluding statements that relate to the items specified in paragraphs (c)(2)(i) and (ii) of this section. (2) The Agency may approve an exception to the requirement for loan making and servicing experience provided the intermediary: (i) Itself has a proven record of successfully assisting (other than through lending) rural business and industry or rural community development projects through technical assistance or business development projects to the type and size of planned ultimate recipient borrowers; and (ii) Will, before the loan is closed, employ individuals with loan making and servicing experience and qualifications and expertise for the operation and administration of an IRP revolving loan fund as described in § 4274.340(a)(1)(ii). These shall not include contracted staff and staff from affiliates of the intermediary. (d) (e) (f) (g) (h) (

official document · source cfr-2024 · id 7:§ 4274.310