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Code of Federal Regulations Title 7. Agriculture § 7.4280.25 Revolving Loan Fund Plan

Current as of October 02, 2022 | Updated by FindLaw Staff

Each REDG Intermediary must adopt a Rural Development-approved plan that specifies that:

(a) The initial loan made from the Fund will be at zero percent interest and have a maximum term of 10 years;

(b) Loans made from loan repayments may carry an interest rate less than, or equal to, the prevailing prime rate. The Intermediary determines repayment terms and security arrangements on these loans.

(c) Loans made from repayments of REDG loans must be for eligible Program purposes;

(d) The Intermediary is solely responsible for the financial approval of Fund loans and all other Fund decisions and actions;  and

(e) No changes will be made to a Rural Development-approved Revolving Loan Fund Plan without the prior written approval of Rural Development.

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Cite this article: FindLaw.com - Code of Federal Regulations Title 7. Agriculture § 7.4280.25 Revolving Loan Fund Plan - last updated October 02, 2022 | https://codes.findlaw.com/cfr/title-7-agriculture/cfr-sect-7-4280-25/

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