(a) In general
Notwithstanding any other provision of law and as soon as practicable after May 13, 2002, the Commodity Credit Corporation shall amend part 1436 of title 7, Code of Federal Regulations, to establish a sugar storage facility loan program to provide financing for processors of domestically-produced sugarcane and sugar beets to construct or upgrade storage and handling facilities for raw sugars and refined sugars.
(b) Eligible processors
Terms Used In 7 USC 7971
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
A storage facility loan described in subsection (a) shall be made available to any processor of domestically produced sugarcane or sugar beets that (as determined by the Secretary)–
(1) has a satisfactory credit history;
(2) has a need for increased storage capacity, taking into account the effects of marketing allotments; and
(3) demonstrates an ability to repay the loan.
(c) Term of loans
A storage facility loan described in subsection (a) shall–
(1) have a minimum term of 7 years;
(2) not include any penalty for prepayment; and
(3) be in such amounts and on such other terms and conditions (including terms and conditions relating to downpayments, collateral, and eligible facilities) as are normal, customary, and appropriate for the size and commercial nature of the borrower.