922 loans - An Overview
922 loans - An Overview
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(iii) The average per capita profits with the citizens acquiring electrical support from your applicant is lower than the average for each capita earnings of your residents with the Condition in which the applicant gives assistance, or even the median home earnings of the households getting electrical services through the applicant is lower than the median house revenue from the homes during the State.
The Secretary shall provide grants or zero curiosity loans to borrowers less than this chapter for the objective of promoting rural economic enhancement and work generation tasks, together with funding for challenge feasibility experiments, start off-up charges, incubator jobs, along with other reasonable charges for the objective of fostering rural growth.one
If your Secretary as well as Federal Funding Bank approve this kind of an extension, then the duration of the present warranty shall even be regarded extended.
(ii) in periodic installments of interest and, at the end of the phrase on the bond or note, as relevant, via the repayment on the fantastic principal; or
On ask for of any applicant that's eligible for just a financial loan under this paragraph for which money aren't offered, the applicant shall be regarded as to own used to get a bank loan warranty under segment 936 of this title.
Provisions just like All those With this part had been contained in the following prior appropriation act:
Not afterwards than 1 12 months once the date of enactment of this area and annually thereafter, the Secretary shall submit to Congress a report that describes—
inserted at finish "The Administrator may well not ask for any applicant for an electric financial loan beneath this chapter to submit an application for and settle for a financial loan in an volume exceeding 30 p.c of your credit rating demands in the applicant."
(D) At some time of the deferment, the borrower shall make a payment to the cushion of credit history account established and taken care of pursuant to area 940c of this title in an volume equivalent to the quantity of the payment deferred. The equilibrium of this kind of account shall not be lowered because of the borrower underneath the extent with the unpaid harmony with the payment deferred.
§6502, inserted area catchline and substituted "associations." for "associations: And supplied further, That for your period of a person calendar year from and immediately after October 28, 1949, applications for loans received by the Secretary from people who on October 28, 1949, are engaged from the operation of current phone services in rural parts shall be deemed and acted on just before motion is taken on any application acquired from another individual for virtually any mortgage to finance the furnishing or enhancement of phone company to substantially the exact same subscribers.
"(A) notify the Administrator in writing, within 30 times after the issuance of regulations to carry out this portion, of the intent of the borrower to prepay; and
(1) figuring out click here Just about every done software for your phone personal loan under section 935 of the title or a guarantee of the phone loan under section 936 of the title which has not been last but not least acted upon in ninety days after the day the finished application is submitted; and
Loans less than this segment shall not be manufactured unless the Secretary finds and certifies that in his judgment the safety therefor is reasonably adequate and such mortgage will likely be repaid inside the time agreed.
All cash equilibrium amounts (attained from cushion of credit rating payments, mortgage payments, as well as other resources) held with the Fund shall bear interest to your Fund at a rate equal to the weighted normal charge on outstanding certificates of valuable ownership issued because of the Fund.