7 CFR 1980.425
§ 1980.425 Availability of credit from other sources.
United States · 7 CFR — Agriculture · Status: effective
Cite this
- Citation
- 7 CFR 1980.425, § 1980.425 Availability of credit from other sources, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/29388
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Full text
(a) Inability to obtain credit elsewhere is not a requirement for guaranteed assistance under this subpart.
(b) To be eligible for an insured loan under this subpart, the borrower must be unable to obtain the required credit from private or cooperative sources at reasonable rates and terms, taking into consideration prevailing private and cooperative rates and terms in the community in or near the borrower's location(s) for loans for similar purposes and period of time. The borrower's inability to obtain such credit elsewhere will be determined in accordance with subpart A of part 1942 of this chapter.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.