Intermediary Relending Program (IRP) Program

Document Headings Document headings vary by document type but may contain the following: the agency or agencies that issued and signed a document the number of the CFR title and the number of each part the document amends, proposes to amend, or is directly related to the agency docket number / agency internal file number the RIN which identifies each regulatory action listed in the Unified Agenda of Federal Regulatory and Deregulatory Actions See the Document Drafting Handbook for more details. Department of Agriculture Rural Business-Cooperative Service 7 CFR Part 4274 [Docket No. RBS-20-BUSINESS-0032] RIN 0570-AA99 AGENCY: Rural Business-Cooperative Service, USDA. ACTION: Final rule. SUMMARY: The Rural Business-Cooperative Service (RBCS), (Agency), is completing a revision to the Intermediary Relending Program (IRP) regulations to streamline process, provide clarity on the daily administration of the program, and incorporate program updates. The regulatory cleanup incorporates the program statutory requirements established in the Agriculture Improvement Act of 2018 (Farm Bill). DATES: This final rule is effective December 21, 2021. FOR FURTHER INFORMATION CONTACT: Sami Zarour, Supervisory Business Loan and Grant Analyst, Program Management Division, Rural Business-Cooperative Service, U.S. Department of Agriculture, STOP 3226, 1400 Independence Avenue SW, Washington, DC 20250-3226; email: Sami.Zarour@usda.gov ; telephone (202) 720-1400. SUPPLEMENTARY INFORMATION: I. Background The Intermediary Relending Program (IRP), originally enacted under 42 U.S.C. 9812 and currently authorized at 7 U.S.C. 1936b , authorizes the Secretary to make or guarantee low-interest loans to local intermediaries to relend funds to businesses to improve economic conditions and create jobs in rural communities. The purpose of the IRP is to alleviate poverty and increase economic activity and employment in rural communities, especially disadvantaged and remote communities, through financing…