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Federal Register / Vol. 86, No. 242 / Tuesday, December 21, 2021 / Rules and Regulations 4274.305 Other regulatory requirements.
4274.3064274.309 Reserved 4274.310 Eligibility requirements intermediary.
4274.311 Eligibility requirementsultimate recipients.
4274.3124274.319 Reserved 4274.320 Loan purposes.
4274.321 Ineligible loan purposes.
4274.3224274.329 Reserved 4274.330 Agency IRP loan conditions and terms.
4274.331 IRP revolving loan fund loan conditions and terms.
4274.332 Post award requirements.
4274.333 Loan agreements between the Agency and the intermediary.
4274.3344274.339 Reserved 4274.340 Application content and submittal.
4274.341 Processing applications for loans.
4274.3424274.344 Reserved 4274.345 Letter of conditions.
4274.346 Agency IRP loan closing.
4274.3474274.350 Reserved 4274.351 Loan approval and obligating funds.
4274.352 Loan documentation for ultimate recipients.
4274.3534274.359 Reserved
Subpart DIntermediary Relending Program IRP

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4274.301

Introduction.

a This subpart contains regulations for loans made by the Agency to eligible intermediaries. This applies to borrowers, ultimate recipients and other parties involved in making such loans.
The provisions of this subpart supersede conflicting provisions of any other subpart. All complete applications received before December 21, 2021 will be processed, awarded, and serviced in accordance with the existing regulatory provisions in effect at the complete application date for the program under which the application was submitted.
An intermediary borrower may use the Agency-prescribed self-election template, available at the USDA Rural Development website under Details in the RBCS IRP program section to have its existing loans, and any loans approved under the previous regulation but not yet closed, serviced under these provisions.
b The purpose of the program is to alleviate poverty and increase economic activity and employment in rural communities, especially disadvantaged and remote communities in partnership with other public and private resources, and in accordance with State and regional strategy based on identified community needs. This purpose is achieved through loans made to intermediaries that establish a revolving loan fund for the purpose of providing loans to ultimate recipients to promote community development, establish new
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businesses, establish and support microlending programs, and create or retain employment opportunities in rural areas.
c Intermediaries are required to identify any known relationship or association with an Agency employee.
Any processing or servicing Agency activity conducted pursuant to this subpart involving authorized assistance to Agency employees, members of their families, close relatives, or business or close personal associates, is subject to the provisions of 7 CFR part 1900, subpart D.
d Copies of all forms, regulations, and Agency procedures referenced in this subpart are available at USDA Rural Developments website under the Resources section, in the Rural Development National Office, or any Agency State Office.
4274.302

Definitions.

The following definitions are applicable to the terms used in this subpart.
Administrator. The Administrator of the Rural Business-Cooperative Service within the Rural Development mission area of the U.S. Department of Agriculture USDA.
Affiliate. Affiliate means individuals and entities are affiliates of each other when:
1 One controls or has the power to control the other, or a third party or parties controls or has the power to control both. Factors such as ownership, management, current and previous relationships with or ties to another concern, and contractual relationships, shall be considered in determining whether affiliation exists. It does not matter whether control is exercised, so long as the power to control exists.
Concerns owned and controlled by Indian Tribes, Alaska Native Corporations ANC, Native Hawaiian Organizations NHO, Community Development Corporations CDC, or wholly-owned entities of Indian Tribes, ANCs, NHOs, or CDCs, are not considered to be affiliated with other concerns owned by these entities because of their common ownership or common management.
2 There is an identity of interest between immediate family with identical or substantially identical business or economic interests such as where the immediate family operate concerns in the same or similar industry in the same geographic area; however, an individual or entity may rebut that determination with evidence showing that the interests deemed to be one are in fact separate.

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Agency. The Rural BusinessCooperative Service RBCS that has the responsibility to administer the Intermediary Relending Program IRP.
Agency IRP loan. An IRP loan from the Agency to an intermediary with established terms and evidenced by a loan agreement and promissory note between parties.
Agency IRP loan funds. Cash proceeds of an Agency IRP loan received by an intermediary are considered Agency IRP
loan funds.
Agricultural production or agriculture production. The cultivation, growing, or harvesting of plants and crops including farming breeding, raising, feeding, or housing of livestock including ranching; forestry products, hydroponics, or nursery stock; or aquaculture.
Aquaculture. The commercial cultivation of aquatic animals and plants in natural or controlled marine or freshwater environments.
Citizen. An individual who is a citizen of the United States or resides in any State in the United States after being legally admitted for permanent residence.
Community development. Advancing livable and vibrant communities through coordinated approaches to economic, environmental, and human development by means of comprehensive business-based technical and financial assistance.
Conflict of interest. A situation in which a person or entity has competing personal, professional, or financial interests that make it difficult for the person or business to act impartially, or there is a real or perceived benefit from engaging in certain projects or transactions. Regarding use of both grant and matching funds, Federal procurement standards prohibit transactions that involve a real or apparent conflict of interest for owners, employees, officers, agents, their immediate family members, partners, or an organization which is about to employ any of the parties indicated herein, having a financial or other interest in or tangible personal benefit from the outcome of the project; or that restrict open and free competition for unrestrained trade. Specifically, project funds may not be used for services or goods going to, or coming from, a person or entity with a real or apparent conflict of interest, including, but not limited to, owners and their immediate family members and as stated in 4274.321b4.
Cooperative. An entity that is legally chartered by a State in which it operates as a cooperatively-operated business, or an entity that is not legally chartered as
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