(a) RFP loans under this part—
- (1) Shall have an interest rate that is determined by the grant recipient and approved by RUS;
- (2) Shall have a terms not to exceed 10 years; and
- (3) Shall not exceed the lesser of $200,000 or 75 percent of the total cost of a project. The total outstanding balance for all loans under this program to any one entity shall not exceed $200,000.
- (b) The grant recipient must set forth the RFP loan terms in written documentation signed by the loan recipient.
- (c) Grant recipients must develop and use RFP loan documentation that conforms to the terms of this part, the grant agreement, and the laws of the state or states having jurisdiction.
[69 FR 59772, Oct. 6, 2004, as amended at 86 FR 14526, Mar. 17, 2021]