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Code · BILL · 117th Congress · H.R. 2562 (Introduced in House) — To address the nationwide shortage of tree seedlings, and for other purposes. · Sec. 4

Sec. 4. Loan program for State, Tribal, and private nurseries

338 words·~2 min read·/bill/117/hr/2562/ih/section-4

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The Secretary of Agriculture shall carry out a loan program to make or guarantee qualified nursery loans to eligible entities under this section. To be eligible to receive a qualified nursery loan or loan guarantee under this section, an eligible entity shall submit to the Secretary of Agriculture an application at such time, in such manner, and containing such information as the Secretary may require, including a plan to maintain the genetic and physical quality of seedlings of the eligible entity.
In making qualified nursery loans or loan guarantees under this section, the Secretary of Agriculture shall give priority to eligible entities that— are small businesses, in particular small businesses located in rural areas; create or support jobs, particularly in rural areas; and serve regions with high demand for reforestation. A loan or loan guarantee under this section may only be used to carry out a qualified nursery project to— develop, expand, enhance, or improve nursery capacity or infrastructure; establish nurseries; or develop or implement quality control measures at nurseries.
The portion of a loan that the Secretary of Agriculture may guarantee under this section may not be greater than 80 percent of the principal amount of such loan. The period of repayment for a loan made under this section shall not exceed 20 years. The total amount of qualified nursery loans made or guaranteed under this section by the Secretary may not exceed $1,000,000,000. The Secretary shall ensure, to the maximum extent practicable, that loans made or guaranteed under this section are distributed across diverse geographic regions.
In this section: The term eligible entity means— a State, Tribal, or local government; or a domestic private, non-profit, or cooperative organization. The term ‘nursery means a State, Tribal, or local government or private owned facility that grows, stores, extracts, or monitors bareroot or container tree seedlings. The term qualified nursery loan means a low-interest loan, the proceeds of which are used to cover the costs to the borrower of carrying out a qualified nursery project described in subsection (d).
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