7 U.S.C. § 1936b: Intermediary relending program

The Secretary may make or guarantee loans to eligible entities described in subsection (b) so that the eligible entities may relend the funds to individuals and entities for the purposes described in subsection (c). public agencies; Indian tribes; cooperatives; and nonprofit corporations. predominately serve communities in rural areas; and promote community development; establish new businesses; establish and support microlending programs; and create or retain employment opportunities. The Secretary shall not make loans under section 9812(a) of title 42 . $400,000; and 50 percent of the loan to the eligible entity under subsection (a). To be eligible to receive a loan or loan guarantee under subsection (a), an eligible entity described in subsection (b) shall submit to the Secretary an application at such time, in such manner, and containing such information as the Secretary may require. take into consideration the previous performance of an eligible entity in carrying out projects under subsection (c); and in the case of satisfactory performance under clause (i), require the eligible entity to contribute less equity for subsequent loans without modifying the priority given to subsequent applications; and in assigning priorities to applications, require an eligible entity to demonstrate that it has a governing or advisory board made up of business, civic, and community leaders who are representative of the communities of the service area, without limitation to the size of the service area. current on all principal and interest payments; and in compliance with loan covenants. The Secretary shall promulgate regulations and establish procedures reducing the administrative requirements on eligible entities described in subsection (b), including regulations to carry out the amendments made to this section by the Agriculture Improvement Act of 2018. There is authorized to be appropriated to carry out this subsection $25,000,000 for each of fiscal years 2014 through 2023.