Sec. 40004. Revolving loan fund flexibility
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Section 209(d) of the Public Works and Economic Development Act of 1965 ( 42 U.S.C. 3149(d) ) is amended— by redesignating paragraphs
(3)and
(4)as paragraphs
(4)and (5); and by inserting after paragraph
(2)the following: A grantee of revolving loan funds may, upon request, transfer any funds that have been repaid to a revolving loan fund under this section to any other project eligible to receive funding under this section. To be eligible to transfer revolving loan funds under this paragraph, a grantee shall have more cash available for lending than the average cash available for lending in the EDA region in which such grantee is located. The Secretary shall retain the discretion to approve or deny a transfer request under this paragraph. In this paragraph, the term cash available for lending means the revolving loan fund cash available for lending net of the committed revolving loan fund cash. .
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Sec. 40004
Revolving loan fund flexibility
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