(b)Funding. Funding provided under this section is subject to the limits described in paragraphs (b)(1) through (b)(3) of this section.
(1) The amount of any combined grant and guaranteed loan must not exceed 75 percent of total eligible project costs. For purposes of combined funding requests, total eligible project costs are based on the total costs associated with those items specified in §§ 4280.115(c) and 4280.124(e). The applicant must provide the remaining total funds needed to complete the project.
(2) The minimum combined funding request allowed is $5,000, with the grant portion of the funding request being at least $1,500.
(3) Applicants whose combination applications are approved for funding must utilize both the loan guarantee and the grant. The Agency reserves the right to reduce the total loan guarantee and grant award as appropriate.
(c)Application and documentation. When applying for combined funding, the applicant must submit separate applications for both types of assistance (grant and guaranteed loan). Each application must meet the requirements, including the requisite forms and certifications, specified in §§ 4280.116 and 4280.128. The separate applications must be submitted simultaneously. The applicant must submit at least one set of documentation, but does not need to submit duplicate forms or certifications.
(d)Evaluation. The Agency will evaluate each application according to applicable procedures specified in §§ 4280.117 and 4280.129.
(e)Interest rate and terms of loan. The interest rate and terms of the loan for the loan portion of the combined funding request will be determined based on the procedures specified in §§ 4280.125 and 4280.126 for guaranteed loans.
(f)Other provisions. In addition to the requirements specified in paragraphs (a) through (e) of this section, the combined funding request shall be subject to the other requirements specified in this subpart, including, but not limited to, processing and servicing requirements, as applicable, as described in paragraphs (f)(1) through (f)(3) of this section.
(1) All other provisions of §§ 4280.101 through 4280.111 apply to the combined funding request.
(2) All other provisions of §§ 4280.112 through 4280.121 apply to the grant portion of the combined funding request.
(3) All other provisions of §§ 4280.122 through 4280.160 apply to the guaranteed loan portion of the combined funding request.
Title 7 published on 2015-01-01.
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