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Guaranteed Loans – Code of Federal Regulation.Grants – Code of Federal Regulation, 7 CFR Part 4280 - Loans and Grants.Energy efficiency projects require an energy audit or assessment.Īpplications for this program are accepted year-round at your local office.Ĭontact your State Rural Development Energy Coordinator.All projects must have technical merit and utilize commercially available technology.Applicants must provide at least 25 percent of the project cost if applying for loan.Applicants must provide at least 75 percent of the project cost if applying for a grant only.Credit factors to be analyzed include but are not limited to character, capacity, capital, collateral, and conditions.The lender must analyze all credit factors to determine that the credit factors and guaranteed loan terms and conditions ensure guaranteed loan repayment.The lender’s evaluation must address any financial or other credit weaknesses of the borrower and project and discuss risk mitigation requirements.The lender will conduct a credit evaluation using credit documentation procedures and underwriting processes that are consistent with generally accepted prudent lending practices and also consistent with the lender’s own policies, procedures and lending practices.What are the underwriting requirements for the loan guarantee? Reasonable and customary fees for loan origination are negotiated between the borrower and lender.There is a guarantee retention fee, currently 0.25 percent of the outstanding principal balance, paid annually.There is an initial guarantee fee, currently 1 percent of the guaranteed amount.What are the applicable fees for the loan guarantee? Variable interest rates may not be adjusted more often than quarterly.Interest rates are negotiated between the lender and borrower.What are the interest rates for the loan guarantee? The lender, with Agency concurrence, will establish and justify the guaranteed loan term based on the use of guaranteed loan funds, the useful economic life of the assets being financed and those used as collateral, and the borrower’s repayment ability. REAP loans approved in Fiscal Year 2021 will receive an 80 percent guarantee. The loan guarantee percentage is published annually in a Federal Register notice. What is the maximum amount of a loan guarantee? Combined grant and loan guarantee funding up to 75% of total eligible project costs.Grants for up to 25 percent of total eligible project costs.Loan guarantees on loans up to 75 percent of total eligible project costs.
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Rural Energy for America Program (REAP) Fiscal Year 2021 funding amounts will be published with the enactment of the full-year appropriations act. For more information, visit Fiscal Year 2021 Funding Amounts: 1, 2020, this program will be streamlined under the OneRD Guarantee Loan Initiative.