When are funds obligated in a revolving loan fund considered loaned out? What is the deadline for making the loans?
Loans are loaned out at the time the fund disburses cash to the borrower. SEP Program Notice 10-008B and EECBG Program Notice 09-002B specify that [Revolving Loan] Funds are considered fully expended when the RLF has loaned to specific borrowers for an amount equal to or greater than the [EECBG or SEP] funds that initially capitalized the revolving loan fund. Consequently, all funds must be disbursed by the expiration date specified in the terms and conditions of the grant.
Related Questions
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- What action is necessary for a State to demonstrate that it has obligated SEP funds for a revolving loan fund?
