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Federal Register / Vol. 86, No. 92 / Friday, May 14, 2021 / Rules and Regulations participation in the program will bear an interest rate of 2 percent for the life of the loan. After the fifth year of an MDOs continuous and satisfactory participation in the program, each new loan made to the microlender will bear interest at a rate of 1 percent. The interest rate on previous loans will remain unchanged. Satisfactory participation requires a loan default rate of 5 percent or less, a pattern of delinquencies of 10 percent or less in the MDOs RMRF accounts, and timely submission of reports to the Agency as required by 4280.311h.
5 Each loan made to a microlender will automatically receive a 2-year deferral during which time no repayment to the Agency will be required. The deferral period will begin on the day the Agencys loan to the microlender is closed. During the initial 2-year deferral period, each loan to a microlender will accrue interest only on funds disbursed by the Agency. Interest accrued during the 2-year deferral period will be capitalized to the loans principal balance during the 24th month of the loan unless the microlender chooses to make a voluntary payment of the accrued interest. The required monthly payments to amortize the loan after the 2-year deferral period will be based on the full loan amount plus capitalized interest, not just the amount disbursed to the microlender, even in cases where the Agencys loan has not been fully advanced to the microlender.
6 Except in the case of liquidation or early repayment, loans to microlenders must fully amortize over the life of the loan. The first payment will be due to the Agency on the last day of the 24th month of the life of the loan.
7 The microlender is responsible for full repayment of its loan to the Agency regardless of the performance of its microloan portfolio. Partial or full repayment of debt to the Agency under the program may be made at any time, including during the deferral period, without any pre-payment penalties being assessed.
8 The Agency may call the entire loan due and payable prior to the end of the full term due to any nonperformance, delinquency, or default on the loan.
9 The loan closing between the microlender and the Agency should take place within 90 days from the execution of Form RD 19401, Request for Obligation of Funds. Microlenders that are unable to close the loan within 90
days of obligation must provide justification for the delay or loan funds will be forfeited through a de-obligation of funds.

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10 Microlenders will be eligible to receive a disbursement of up to 25
percent of the total loan amount at the time of loan closing. Funds disbursed at loan closing exceeding 25 percent of the loan amount will only be made if and to the extent that the MDO has made a funding commitment to an eligible microborrower that will be closed within 60 days from the Agency loan date. Interest will accrue on all funds disbursed to the microlender beginning on the date of disbursement.
11 Microlenders may request in writing and receive additional loan disbursements until the full amount of the loan to the microlender is disbursed, or until the end of the 36th month of the loan, whichever occurs first. Letters of request for disbursement should be made not more often than quarterly and must be accompanied by a description of the microlenders anticipated need.
Such description will indicate the amount and number of microloans anticipated to be made with the loan disbursement.
12 Funds not disbursed to the microlender by the end of the 36th month of the loan from the Agency will be de-obligated and no longer available for disbursement to the MDO. In such cases where loan funds are deobligated, the Agency will establish a revised payment schedule to fully amortize the loan balance by its maturity date.
13 In the event a microlender fails to meet its payment or reporting obligations to the Agency, the Agency may pursue any combination of the following:
i Take possession of the RMRF
and/or any microloans outstanding, and/or the LLRF;
ii Call the loan due and payable in full; and/or iii Enter into a workout agreement acceptable to the Agency, which may or may not include transfer or sale of the portfolio to another microlender whether or not funded under the program deemed acceptable to the Agency.
14 If a microlender makes a withdrawal from the RMRF for any purpose other than to make a microloan, repay the Agency, or, with advance written approval, transfer an appropriate amount of non-Federal funds to the LLRF, the Agency may take actions including the restriction of further access to withdrawals from the account by the microlender or declaring the loan in default due to improper use of loan funds.
f Loan funding limitations1
Minimum and maximum loan amounts.
The minimum loan amount that a microlender may borrow under this
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program will be $50,000. The maximum amount any microlender may borrow on a single loan under this program, or in any given Federal FY, will be $500,000.
In no case will the aggregate outstanding balance owed to the program by any single microlender exceed $2,500,000.
2 Use of funds. Agency loan funds must be used only to establish or recapitalize an existing Agency funded RMRF account out of which microloans will be made, into which microloan payments will be deposited, and from which repayments to the Agency will be made.
g Loan loss reserve fund LLRF.
Each microlender that receives one or more loans under the program will be required to establish an LLRF account.
1 Purpose. The purpose of the LLRF
is to protect the microlender and the Agency against losses that may occur as the result of the failure of one or more microborrowers to repay their loans on a timely basis.
2 Capitalization and maintenance.
The LLRF is subject to each of the following conditions:
i The microlender must maintain the LLRF at a minimum of 5 percent of the total amount owed by the microlender under the program to the Agency. If the LLRF falls below the required amount, the microlender will have 30 days to replenish the LLRF. The Agency will hold a security interest in the account and all funds therein until the MDO has repaid its debt to the Agency under this program.
ii No Agency loan funds may be used to capitalize the LLRF.
iii The LLRF must be held in a Federally insured deposit account separate and distinct from any other fund owned by the microlender.
iv The LLRF must remain open, appropriately capitalized, and active until such time as any loans owed to the Agency by the microlender under the program related to such LLRF are paid in full.
3 Use of LLRF. The LLRF must be used only to:
i Recapitalize the RMRF in the event of the loss and write-off of a microloan;
ii Accept Non-Federal deposits as required for maintenance of the fund at a level equal to 5 percent or more of the amount owed to the Agency by the microlender under the program; and iii Prepay or repay the Agency program loan.
4 LLRF funded at time of closing.
The LLRF account must be established by the microlender prior to the closing of the loan from the Agency. At the time of initial loan closing, sources of funding for the LLRF must be identified by the microlender and funds equal to
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