7 CFR § 1783.5
What are the eligibility criteria for grant recipients?
July 6, 2020
(a) The applicant must be a private entity.
(b) The applicant must be organized as a non-profit entity.
(c) The applicant must have the legal capacity and lawful authority to perform the obligations of a grantee under this part.
Example 1 to paragraph (c): If the organization is incorporated as a non-profit corporation, it must have corporate authority under state law and its corporate charter to engage in the practice of making loans to legal entities.
Example 2 to paragraph (c): If the organization is an unincorporated association, state law may prevent the organization from entering into binding contracts, such as a grant agreement.
(d) The applicant must have sufficient expertise and experience in making and servicing loans to assure the likelihood that the objectives of this part can be achieved.
Tried the LawStack mobile app?
Join thousands and try LawStack mobile for FREE today.
- Carry the law offline, wherever you go.
- Download CFR, USC, rules, and state law to your mobile device.
