The Definitive Guide to 922 loans
The Definitive Guide to 922 loans
Blog Article
The Secretary, in session with neighborhood governments and Federal agencies, might employ an initiative to determine and strengthen The provision of suitable plans in communities in significantly underserved trust spots.
The Secretary, in consultation While using the Secretary of Agriculture and the Secretary of the inside, may offer grants below this segment to eligible grantees for the purpose of—
(B) the current value of the loan discounted in the face benefit at maturity at the speed set up from the Secretary.
(i) be performed in a very proposed company territory by which not lower than ninety p.c with the households are unserved; and
, That this sort of refinancing shall be determined by the Secretary to be important so as to furnish and increase telephone company in rural parts: And presented more
(A) a sponsored personal loan, which shall bear a reduced interest price at such a price because the Secretary decides acceptable to satisfy the goals of the program; or
§922. Loans for phone assistance Area Textual content From these types of sums as are occasionally designed obtainable from the Congress into the Secretary for these kinds of objective, pursuant to part 903 of this title, the Secretary is authorized and empowered to help make loans to individuals now furnishing or who may possibly hereafter provide telephone company in rural places, to general public bodies now supplying telephone assistance in rural locations and also to cooperative, nonprofit, minimal dividend, or mutual associations.
inserted at end "The Administrator may not ask for any applicant for an electric loan underneath this chapter to apply for and take a financial loan within an amount exceeding 30 percent with the credit history requirements in the applicant."
The Secretary shall make insured phone loans, for the extent of qualifying applications with the loans, at an curiosity level of 5 p.c a year, to any applicant who meets Each individual of the next requirements:
(A) evidence satisfactory to your Secretary that a Federal or Condition company with jurisdiction and abilities has designed an official dedication, such as by way of a licensing proceeding, extending the valuable lifetime of a producing plant or transmission line pledged as collateral to or further than the new ultimate maturity day getting asked for because of the borrower, or
The Secretary may possibly use the cash appropriated to get a grant underneath this subchapter for the expense (as outlined by portion 661a of title two) of delivering help less than paragraph (2).
A lender that gets a assure issued below this part with a bond or Take note shall spend a payment on the Secretary.
Within the timely request of a lender, the General Counsel on the check here Section of Agriculture shall present the Secretary having an opinion regarding the validity and authority of the guarantee issued towards the lender below this portion.
(iii) The system will have to really encourage and boost Pc networks and knowledge highways for subscribers in rural locations.