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80 FR 74970, Dec. 1, 2015, unless otherwise noted.
86 FR 43393, Aug. 9, 2021, unless otherwise noted.
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(a) Eligible entity types. Cooperatives, credit unions, and nonprofit organizations are eligible to participate as intermediaries.
(b) Certification. The intermediary must be certified as a community development financial institution under 12 CFR 1805.201 to operate as a lender.
(c) Citizenship. The applicant and the members of the intermediary must be a U.S. citizen or qualified alien (see 8 U.S.C. 1641). Each intermediary must certify to the citizenship requirement in the HPRP loan application.
(d) Experience. The intermediary must have:
(1) The requisite experience and capability in making and servicing agricultural and commercial loans that are similar in nature to HPRP. If consultants will be used in the making and servicing of HPRP loans, the Agency will assess the intermediary's experience in choosing and supervising consultants based on information intermediaries include in their application describing the particular lending functions they typically rely on agents to fulfill and also describe their policies and procedures for monitoring these agents;
(2) The legal authority necessary to carry out the proposed loan purposes and to obtain, provide security for, and repay the proposed loan; and
(3) Demonstrated ability and willingness to repay the loan based on the intermediary's financial condition, managerial capabilities, and other resources.