- able to obtain sufficient credit elsewhere
means able to obtain sufficient credit elsewhere to finance the applicant’s actual needs at reasonable rates and terms, taking into consideration prevailing private and cooperative rates and terms in the community in or near which the applicant resides for loans for similar purposes and periods of time.
- Administrator
means the Administrator of the Small Business Administration.
- agency with rural responsibilities
means any executive agency (as defined in section 105 of title 5) that implements a Federal law, or administers a program, targeted at or having a significant impact on rural areas.
- approved lender
means a lender approved prior to October 28, 1992, by the Secretary under the approved lender program established by exhibit A to subpart B of part 1980 of title 7, Code of Federal Regulations (as in effect on January 1, 1991), or a lender certified under section 1989 of this title.
- aquaculture
means the culture or husbandry of aquatic animals or plants by private industry for commercial purposes including the culture and growing of fish by private industry for the purpose of creating or augmenting publicly owned and regulated stocks of fish.
- articles
means articles of incorporation for an incorporated body or the functional equivalent or other similar documents specified by the Secretary for other business entities.
- Authority
means the Delta Regional Authority established by section 2009aa–1 of this title.
- beginning farmer or rancher
means such term as defined by the Secretary.
- borrower
means any farm borrower who has outstanding obligations to the Secretary under any farmer program loan, without regard to whether the loan has been accelerated, but does not include any farm borrower all of whose loans and accounts have been foreclosed on or liquidated, voluntarily or otherwise.
- borrower-owner
means—
- business and industry loan
means a business and industry direct or guaranteed loan that is made or guaranteed by the Secretary under subsection (a)(2)(A), including guarantees described in paragraph (3)(A)(ii).
- conservation plan
means a plan, approved by the Secretary, that, for a farming or ranching operation, identifies the conservation activities that will be addressed with loan funds provided under this section, including—
- contract of insurance
includes a contract of guarantee.
- cooperative
means a cooperative formed specifically for the purpose of the installation, expansion, improvement, or operation of water supply or waste disposal facilities or systems.
- Coordinating Committee
means the National Rural Development Coordinating Committee established by subsection (c).
- debt forgiveness
means reducing or terminating a farmer program loan made or guaranteed under this chapter, in a manner that results in a loss to the Secretary, through—
- demonstration program
means a demonstration program carried out by a qualified entity under the pilot program established in subsection (b)(1).
- development cost
means the cost of construction of a facility and the land, easements, and rights-of-way, and water rights necessary to the construction and operation of the facility.
- developmental capital
means capital in the form of equity capital investments in rural business investment companies with an objective of fostering economic development in rural areas.
- direct loan
means a loan made or insured from funds in the account created by section 1929 of this title.
- eligible entity
means—
- eligible farmer or rancher
means—
- eligible individual
means an individual who is a member of a household the members of which have a combined income (for the most recent 12-month period for which the information is available) that is not more than 60 percent of the median nonmetropolitan household income for the State or territory in which the individual resides, according to the most recent decennial census of the United States.
- eligible intermediary
means a qualified—
- eligible participant
means a qualified beginning farmer or rancher that—
- eligible public entity
means any unit of general local government.
- equity capital
means—
- farm loan
means—
- farm program loan
means any loan made by the Administrator under the Small Business Act (15 U.S.C. 631 et seq.) for any of the purposes authorized for loans under subchapters 1 I or II.
- farmer
includes a person who is engaged in, or who, with assistance afforded under this chapter, intends to engage in, fish farming.
- farmer program loan
means a farm ownership loan (FO) under section 1923 of this title, operating loan (OL) under section 1942 of this title, soil and water loan (SW) under section 1924 of this title, emergency loan (EM) under section 1961 of this title, economic emergency loan (EE) under section 202 of the Emergency Agricultural Credit Adjustment Act (title II of Public Law 95-334), economic opportunity loan (EO) under the Economic Opportunity Act of 1961 (42 U.S.C. 2942), softwood timber loan (ST) under section 1254 of the Food Security Act of 1985, or rural housing loan for farm service buildings (RHF) under section 1472 of title 42.
- Federal grant program
means a Federal grant program to provide assistance in—
- governmental entity
means any agency of the United States, a State, or a unit of local government of a State.
- high-wage job
means a job that provides a wage that is greater than the median wage for the applicable region, as determined by the Secretary.
- homestead property
means the principal residence and adjoining property possessed and occupied by a borrower-owner specified in paragraph (2) of this subsection, including a reasonable number of farm outbuildings located on the adjoining land that are useful to the occupants of the homestead, and no more than 10 acres of adjoining land that is used to maintain the family of the individual.
- Indian reservation
means all land located within the limits of any Indian reservation under the jurisdiction of the United States, notwithstanding the issuance of any patent, and, including rights-of-way running through the reservation;
- Indian tribe
has the meaning given the term in section 5304 of title 25.
- individual development account
means a savings account described in subsection (b)(4)(A).
- industry cluster
means a broadly defined network of interconnected firms and supporting institutions in related industries that accelerate innovation, business formation, and job creation by taking advantage of assets and strengths of a region in the business environment.
- jobs accelerator
means a jobs accelerator center or program located in or serving a low-income rural community that may provide co-working space, in-demand skills training, entrepreneurship support, and any other services described in subsection (d)(1)(B).
- joint operation
means a joint farming operation in which two or more farmers work together sharing equally or unequally land, labor, equipment, expenses, and income.
- leverage
includes—
- license
means a license issued by the Secretary as provided in section 2009cc–3(e) of this title.
- limited liability company
means a business entity that is organized and operating in accordance with a State limited liability company law approved by the Secretary.
- loan service program
means, with respect to a farmer program borrower, a primary loan service program or a preservation loan service program.
- local development district
means an entity that—
- locally or regionally produced agricultural food product
means any agricultural food product that is raised, produced, and distributed in—
- member
means, with respect to a rural business investment company that is a limited liability company, a holder of an ownership interest or a person otherwise admitted to membership in the limited liability company.
- microenterprise development organization
means an organization that—
- microentrepreneur
means an owner and operator, or prospective owner and operator, of a rural microenterprise who is unable to obtain sufficient training, technical assistance, or credit other than under this section, as determined by the Secretary.
- microloan
means a business loan of not more than $50,000 that is provided to a rural microenterprise.
- mobilized military reservist
means an individual who—
- multistate and local development district or organization
means an entity—
- national nonprofit agricultural assistance institution
means an organization that—
- nonprofit institution
means any organization or institution, including an accredited institution of higher education, no part of the net earnings of which inures, or may lawfully inure, to the benefit of any private shareholder or individual.
- normal income security
means all security not considered basic security, including crops, livestock, poultry products, Agricultural Stabilization and Conservation Service payments and Commodity Credit Corporation payments, and other property covered by Farmers Home Administration liens that is sold in conjunction with the operation of a farm or other business, but shall not include any equipment (including fixtures in States that have adopted the Uniform Commercial Code), or foundation herd or flock, that is the basis of the farming or other operation, and is the basic security for a Farmers Home Administration farmer program loan.
- operational assistance
means management, marketing, and other technical assistance that assists a rural business concern with business development.
- participation agreement
means an agreement, between the Secretary and a rural business investment company granted final approval under section 2009cc–3(e) of this title, that requires the rural business investment company to make investments in smaller enterprises in rural areas.
- Partnership
means the National Rural Development Partnership continued by subsection (b).
- preservation loan service program
means homestead retention as authorized under section 2000 of this title.
- primary loan service program
means—
- prime farmland
means prime farmlands and unique farmland as those terms are defined in sections 657.5(a) and (b) of title 7, Code of Federal Regulations (1980).
- private capital
means the total of—
- program
means the rural microentrepreneur assistance program established under subsection (b).
- qualified beginning farmer or rancher
means an applicant, regardless of whether the applicant is participating in a program under section 1935 of this title—
- qualified conservation loan
means a loan, the proceeds of which are used to cover the costs to the borrower of carrying out a qualified conservation project.
- qualified conservation project
means conservation measures that address provisions of a conservation plan of the eligible borrower.
- qualified entity
means—
- qualified nonprivate funds
means any—
- recreational purposes
includes hunting.
- region
means the Lower Mississippi (as defined in section 4 of the Delta Development Act (42 U.S.C. 3121 note;
- rural business concern
means— that primarily operates in a rural area, as determined by the Secretary.
- rural business investment company
means a company that—
- rural microenterprise
means—
- seasoned direct loan borrower
means a borrower receiving a direct loan under this chapter who has been classified as “commercial” or “standard” under subpart W of part 2006 of the Instruction Manual (as in effect on January 1, 1991).
- Secretary
means the Secretary of Agriculture.
- small and disadvantaged business
has the meaning given the term “small business concern owned and controlled by socially and economically disadvantaged individuals” in section 637(d)(3)(C) of title 15.
- smaller enterprise
means any rural business concern that, together with its affiliates—
- socially disadvantaged farmer or rancher
means a farmer or rancher who is a member of a socially disadvantaged group.
- socially disadvantaged group
has the meaning given the term in section 2003(e) of this title.
- solar energy
means energy derived from sources (other than fossil fuels) and technologies included in the Federal Nonnuclear Energy Research and Development Act of 1974, as amended [42 U.S.C. 5901 et seq.].
- State
means each of the 50 States, the District of Columbia, the Commonwealth of Puerto Rico, Guam, the Virgin Islands of the United States, American Samoa, the Commonwealth of the Northern Mariana Islands, the Trust Territory of the Pacific Islands, and the Federated States of Micronesia.
- State beginning farmer program
means any program that is—
- State director
means, with respect to a State, the Director of the Rural Economic and Community Development State Office.
- State rural development council
means a State rural development council that meets the requirements of subsection (d).
- summary period
means—
- underserved community
means a community (including an urban or rural community and an Indian tribal community) that has, as determined by the Secretary—
- United States
means the several States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, American Samoa, and the other territories and possessions of the United States.
- wildlife
means fish or wildlife as defined in section 3371 of title 16.