Loan decision.

CFR · 2024-01-01 · US · Title 7

(a) (i) The applicant's farm operating plan reflects a feasible plan, which includes repayment of the proposed loan and demonstrates that all other credit needs can be met; (ii) The proposed use of loan funds is authorized for the type of loan requested; (iii) The applicant has been determined eligible for the type of loan requested; (iv) All security requirements for the type of loan requested have been, or will be met before the loan is closed; (v) The applicant's total indebtedness to the Agency, including the proposed loan, will not exceed the maximum limits established in § 761.8 of this chapter; (vi) There have been no significant changes in the farm operating plan or the applicant's financial condition since the time the Agency received a complete application; and (vii) All other pertinent requirements have been, or will be met before the loan is closed. (2) The Agency will place conditions upon loan approval it determines necessary to protect its interest and maximize the applicant's potential for success. (b) (1) The applicant's farm operating plan does not reflect a feasible plan; (2) The proposed use of loan funds is not authorized for the type of loan requested; (3) The applicant does not meet the eligibility requirements for the type of loan requested; (4) There is inadequate security for the type of loan requested; (5) Approval of the loan would cause the applicant's total indebtedness to the Agency to exceed the maximum limits established in § 761.8 of this cha

official document · source cfr-2024 · id 7:§ 764.401