24 NCAC 02B .0102          ELIGIBLE BORROWERS

Eligible borrowers are applicants who demonstrate to the Authority that they satisfy the following criteria:

(1)           Need for an agricultural loan to finance agriculture or agribusiness;

(2)           Ability to repay the loan is demonstrated;

(3)           Collateral for the loan is sufficient; and

(4)           Can meet any other requirements which may be imposed by the Authority, or FmHA in the case of guaranteed loans, in the exercise of sound banking practices.

History Note:        Authority G.S. 122D‑2; 122D‑6;

Temporary Rule Eff. November 18, 1988 For a Period of 180 Days to Expire on May 17, 1989;

Eff. April 1, 1989;

Pursuant to G.S. 150B-21.3A, rule is necessary without substantive public interest Eff. April 25, 2015.