Page:United States Statutes at Large Volume 104 Part 5.djvu/666

From Wikisource
Jump to navigation Jump to search
This page needs to be proofread.

104 STAT. 3988 PUBLIC LAW 101-624—NOV. 28, 1990 r?. If?» gram established under this chapter if such corporations meet the rules and procedures established under this chapter that are determined by the Board to be pertinent. (II) ESTABLISHMENT OF SPECIAL RULES AND PROCE- DURES.— Loan programs. (aa) IN GENERAL. —Not later than 220 days after the date of enactment of this Act, the Board shall establish rules and procedures to enable such community or tribal development corporations serving rural areas located on Federally recognized reservations (including former reservations in Oklahoma) to participate in the program established under this chapter through the operation of revolving funds used for investing in, and making or guaranteeing loans to, new or expanding local businesses. (bb) CoNTENTS. —Rules and procedures established under item (aa) shall be established to ensure that development corporations that receive Federal lines of credit under this chapter serve needy reservation areas, including areas that have low per capita income, high unemployment, high poverty rates, depressed or lagging local economies, and other factors determined appropriate by the Board. (III) MATCHING REQUIREMENTS. — The requirements of subsection (c)(3) and section 2314(d) concerning the provision of matching funds and the requirement of partnerships for loans, and any related matching requirements, shall not apply to the development corporations receiving assistance under this clause. (4) REAPPLICATION FOR UNES OF CREDIT. — (A) IN GENERAL. —An eligible entity that has received a line of credit under this section may reapply in subsequent years for additional lines of credit if the Board makes a determination that— (i) the applicant has demonstrated that the funds previously allocated under such line of credit have been substantially obligated and that additional demand for lending, investment, or guaranteed funding exists in the service area of the applicant; (ii) the applicant will meet the matching requirements under subsection (c)(3); and (iii) the applicant has administered the revolving fund consistent with this chapter and has the capacity to administer additional funds in the same manner. (B) PRIORITY.—Eligible entities qualified to receive an initial line of credit or that will serve a service area not served by another entity shall receive priority over any applicant seeking a second or subsequent line of credit. (5) MONITORING COMPUANCE. —The Board shall establish procedures to monitor the compliance of each eligible entity participating in the program authorized by this chapter with the requirements of this chapter.