§ 1948.101 - Introduction.

(a) This subpart contains regulations for loans made by the Farmers Home Administration (FmHA) or its successor agency under Public Law 103-354 to eligible intermediaries and applies to borrowers and other parties involved in making such loans. The provisions of this subpart supersede conflicting provisions of any other subpart. The servicing and liquidation of such loans will be in accordance with subpart R of part 1951 of this chapter. Any processing or servicing activity conducted pursuant to this subpart involving authorized assistance to FmHA or its successor agency under Public Law 103-354 employees, members of their families, known close relatives, or business or close personal associates, is subject to the provisions of subpart D of part 1900 of this chapter. Applicants for this assistance are required to identify any known relationship or association with an FmHA or its successor agency under Public Law 103-354 employee.

(b) The purpose of the program is to finance business facilities and community development projects in rural areas. This purpose is achieved through loans made by FmHA or its successor agency under Public Law 103-354 to intermediaries that establish programs for the purpose of providing loans to ultimate recipients for business facilities and community development in a rural area.

(c) The loan program is administered by the FmHA or its successor agency under Public Law 103-354 National Office. The Director, Business and Industry Division, is the point of contact for processing activities unless otherwise delegated by the Administrator.