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Federal Register / Vol. 86, No. 235 / Friday, December 10, 2021 / Rules and Regulations 5001.202

Lenders credit evaluation.

b
5 Conditions. This factor refers to the general business environment, including the regulatory environment affecting the business or industry, and status of the Borrowers industry.
Consideration will be given to items listed below and, when applicable, the lender should submit supporting documentation e.g., feasibility study, market study, preliminary architectural or engineering reports, etc. in accordance with 5001.304 through 5001.307:

13. Amend 5001.204 by revising paragraph b to read as follows:
5001.204 Personal, partnership, and corporate guarantees.

b When warranted by an Agency assessment of potential financial risk, the Agency may require the following:

14. Amend 5001.205 by revising paragraphs e2 introductory text, e2ii and f4 to read as follows:
5001.205 General project monitoring requirements.

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e
2 Issuance of loan note guarantee prior to completion of the projects construction. Except for projects utilizing non-proven technologies, the lender may request that the loan note guarantee be issued prior to completion of a projects construction. The lenders request will be considered by the Agency, who may require credit risk mitigation. An additional fee for issuance of the loan note guarantee prior to completion of the projects construction will be assessed in accordance with 5001.454c in subpart E. The lender must verify and include evidence of the following in its request:

ii The borrower and lender have entered into a contract with an independent disbursement and monitoring firm with a construction monitoring plan acceptable to and approved by the Agency or, the lender documents that they have the capacity and experience to disburse funds and provides a monitoring plan acceptable to the Agency;

f
4 Status of construction; and

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Subpart DGuarantee Application Provisions 15. Amend 5001.303 by:
A. Revising paragraph b4ii;
B. Redesignating paragraphs c1
through 18 as paragraphs c2
through 19.
C. Redesignating b5 introductory text as paragraph c1;
D. Removing paragraphs b5i through xiii;
E. Redesignating paragraphs b6 and 7 as paragraphs b5 and 6;
F. Revising the newly redesignated paragraph c1.
The revisions read as follows:

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operations of a borrower who is an existing entity and its historic cash flow.

17. Amend 5001.318 by:
a Revising the introductory paragraph;
b Revising the introductory text of paragraph c;
c Removing paragraph c3; and d Redesignating paragraph c4 as paragraph c3.
The revision reads as follows:
5001.318
system.

B&I project priority point

b
4
ii Agency-acceptable historical balance sheet, income statements, and cash flow statements of the borrower for the lesser of the last three fiscal years or all years of operation; and c
1 For all applications of $600,000 or greater, a draft loan agreement for the guaranteed loan.

16. Amend 5001.304 by revising paragraph a1 and adding paragraph a4 to read as follows:

This section applies to B&I projects seeking a loan guarantee. When applications on hand have the same priority score, the Agency will give preference to applications involving guaranteed loans from veterans. To receive veteran points, a veteran or veterans must own 20 percent or more interest in the borrower and the borrower must sign a certification in its application to indicate that the borrower has veteran status. A maximum of 100
points can be awarded.

c Guaranteed loan features. An application is eligible to receive points under each of the categories identified in paragraphs c1 through 3 of this section as follows:

5001.304 Specific application requirements for CF projects.

Subpart ELoan and Guarantee Provisions
5001.303

Applications for loan guarantee

a
1 Guaranteed loans of $25 million or less to existing community facilities;

4 The Agency may require a Feasibility Study when the lenders analysis, borrowers business plan, or project information is not sufficient to determine the technical feasibility, market feasibility, or economic viability of the project.
i For guaranteed loans greater than $1,000,000.00 to a new entity or an entity conducting a new activity, a feasibility study prepared by an independent qualified consultant acceptable to the Agency is required.
The scope of the feasibility study will be determined by the Agency and is dependent on the complexity of the project and the borrower.
ii For loans of $1,000,000.00 or less to new and existing entities, the Agency may require a feasibility study when the lenders analysis or other borrower information is not sufficient to determine the technical feasibility or economic viability of the project, or if the project will significantly affect the
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18. Amend 5001.401 by revising paragraph d to read as follows:

5001.401

Interest rate provisions.

d Interest rate changes. Any change in the base rate or fixed interest rate between issuance of the conditional commitment and loan closing must be approved by the Agency. Approval of such a change must be shown as an amendment to the conditional commitment and must be reflected on the guaranteed loan closing report form.
19. Amend 5001.402 by revising paragraph b3 to read as follows:
5001.402 Term length, loan schedule, and repayment.

b
3 If the promissory note provides for an interest-only period, interest must be paid at least annually starting on a date that is no more than one year from the date of the promissory note. Scheduling of the first payment of principal and interest will be subject to consideration of whether the facility is operational and generates adequate income.

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