Sec. 313B. RURAL DEVELOPMENT LOANS AND GRANTS

328 words·~1 min read·/statute-compilations/comps-10315/sec-313b

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

## SEC. 313B RURAL DEVELOPMENT LOANS AND GRANTS **[**[7 U.S.C. 940c–2](/us/usc/t7/s940c–2)**]** ###

(a)In General The Secretary shall provide grants or zero interest loans to borrowers under this Act for the purpose of promoting rural economic development and job creation projects, including funding for project feasibility studies, start-up costs, incubator projects, and other reasonable expenses for the purpose of fostering rural development. ###

(b)Repayments In the case of zero interest loans, the Secretary shall establish such reasonable repayment terms as will encourage borrower participation. ###

(c)Proceeds All proceeds from the repayment of such loans made under this section shall be returned to the subaccount that the Secretary shall maintain in accordance with sections 313(b)(2) and 313B(f). ###

(d)Number of Grants Loans and grants required under this section shall be made to the full extent of the amounts made available under subsection (e). ###

(e)Funding ####

(1)Discretionary funding In addition to other funds that are available to carry out this section, there is authorized to be appropriated not more than $10,000,000 for each of fiscal years 2019 through 2023 to carry out this section, to remain available until expended. ####

(2)Mandatory funding Of the funds of the Commodity Credit Corporation, the Secretary shall credit to the subaccount to use for the cost of grants and loans under this section $5,000,000 for each of fiscal years 2022 through 2024, to remain available until expended. ####

(3)Other funds In addition to the funds described in paragraphs

(1)and (2), the Secretary shall use, without fiscal year limitation, to provide grants and loans under this section— #####

(A)the interest differential sums credited to the subaccount described in subsection (c); and #####

(B)subject to section 313A(e)(2), the fees described in subsection (c)(4) of such section. ###

(f)Maintenance of Account The Secretary shall maintain the subaccount described in section 313(b)(2), as in effect in fiscal year 2017, for purposes of carrying out this section.

Connections1 off-index

1 reference not yet in our index

7 USC 940c–2

Citation graph

cites case law

Sec. 313B

RURAL DEVELOPMENT LOANS AND GRANTS

Cite7 USC 940c–2

Cites 1Cited by 0 across 0 sources