7 CFR 4280.29 - Supplemental financing required for the Ultimate Recipient Project.
(a) For REDL loans, either the Ultimate Recipient or the Intermediary must provide supplemental funds for the Project equal to at least 20 percent of the loan to the Intermediary. For REDG grants, the Intermediary must provide supplemental funds, to capitalize the Revolving Loan Fund, equal to at least 20 percent of the Grant to the Intermediary.
(b) Funds provided by the Ultimate Recipient must be:
(1) Cash or its equivalent;