[Code of Federal Regulations]
[Title 7, Volume 11]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 7CFR1703.28]

[Page 39-40]
 
                          TITLE 7--AGRICULTURE
 
    CHAPTER XVII--RURAL UTILITIES SERVICE, DEPARTMENT OF AGRICULTURE
 
PART 1703--RURAL DEVELOPMENT--Table of Contents
 
      Subpart B--Rural Economic Development Loan and Grant Program
 
Sec. 1703.28  Maximum and minimum sizes of a zero-interest loan or grant application.

    (a) The maximum size of an application that will be considered for 
funding under this subpart during a fiscal year will be 3 percent of the 
projected total amount available for the zero-interest loans or grants 
under section 313 of the Act during that fiscal year, rounded to the 
nearest $10,000. This determination will be made by the Administrator 
for each fiscal year.
    (b) Regardless of the projected total amount that will be available, 
the maximum size may not be lower than $200,000.
    (c) The projected total amount available during a particular fiscal 
year is calculated as the sum of the projected

[[Page 40]]

amount that will be credited to the subaccount during a particular 
fiscal year from the interest differential calculation based on the RUS 
borrowers' cushion of credit levels at the time the Administrator makes 
the determination and any amounts appropriated for that fiscal year for 
zero-interest loans or grants made under section 313 of the Act.
    (d) After the Administrator has determined the maximum size for a 
fiscal year, a notice of the calculation and amount will be published 
promptly in the Federal Register.Thereafter, the maximum size will 
remain in effect until the Administrator has published the maximum size 
for the next fiscal year.
    (e) All unselected applications on file at RUS, including both loan 
and grant applications, from the same borrower for the same project will 
be considered to be one application in determining that the maximum size 
of the application is in accordance with this section.
    (f) The minimum size of an application for assistance under this 
subpart that will be considered for funding is $10,000.

[57 FR 44317, Sept. 25, 1992, as amended at 59 FR 11711, Mar. 14, 1994]