Iowa Admin. Code r. 261-406.4

Current through Register Vol. 47, No. 11, December 11, 2024

Rule 261-406.4 - Eligible and ineligible borrowers

(1)Eligible borrowers. Eligible borrowers include:

a. Businesses incorporated or organized in Iowa or authorized to do business in Iowa, including businesses operated as sole proprietorships with a registered trade name;

b. Rural electric cooperatives; and

c. Municipal utilities.

(2)Ineligible borrowers. Ineligible borrowers include:

a. A business that is not located in or operating in Iowa. A business that will be located and operating in Iowa upon completion of an eligible project may be eligible.

b. An individual or an organization with a history of defaulted loans or compliance violations with other state programs or rules.

c. Regents institutions.

d. Community colleges.

e. State agencies.

f. Cities, except municipal utilities that are eligible borrowers pursuant to paragraph 406.4(1)"c."

g. Counties.

h. School districts.

i. Nonprofit organizations.

Iowa Admin. Code r. 261-406.4

Adopted by IAB October 20, 2021/Volume XLIV, Number 8, effective 9/30/2021