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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.
This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.
This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].
It is not guaranteed to be accurate or up-to-date, though we do refresh the database weekly. More limitations on accuracy are described at the GPO site.
§ 940c - Cushion of credit payments program
§ 1989 - Rules and regulations
§ 8107 - Rural Energy for America Program