7 USC 6616 – Loans to economically disadvantaged rural communities
(a) In general
The Secretary, under such terms and conditions as the Secretary shall establish, may make loans to economically disadvantaged rural communities for the purposes of securing technical assistance and services to aid in the development and implementation of action plans, including planning for—
(1) improving existing facilities in the community that may generate employment or revenue;
(2) expanding existing infrastructure, facilities, and services to capitalize on opportunities to diversify economies now dependent on National Forest System land resources; and
(3) supporting the development of new industries or commercial ventures unrelated to National Forest System land resources.
(b) Interest rates
Terms Used In 7 USC 6616
- Dependent: A person dependent for support upon another.
- economically disadvantaged: means economic hardship due to the loss of jobs or income (labor or proprietor) derived from forestry, the wood products industry, or related commercial enterprises such as recreation and tourism in the national forest. See 7 USC 6612
- Secretary: means the Secretary of Agriculture. See 7 USC 6612
The interest rates on a loan made pursuant to this section shall be as determined by the Secretary, but not in excess of the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the maturity of such loan, plus not to exceed 1 percent, as determined by the Secretary, and rounded to the nearest one-eighth of 1 percent.