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7 U.S. Code § 1999. Interest rate reduction program
(a) Establishment of program
The Secretary shall establish and carry out in accordance with this section an interest rate reduction program for loans guaranteed under this chapter.
(b) Contracts with lendersUnder such program, the Secretary shall enter into a contract with, and make payments to, a legally organized institution to reduce during the term of such contract the interest rate paid by a borrower on a guaranteed loan made by such institution if—
(1) the borrower—
(A)
is unable to obtain sufficient credit elsewhere to finance the actual needs of the borrower at reasonable rates and terms, taking into consideration private and cooperative rates and terms for a loan for a similar purpose and period of time in the community in or near which the borrower resides;
(B)
is otherwise unable to make payments on such loan in a timely manner; and
(C)
has a total estimated cash income during the 24-month period beginning on the date such contract is entered into (including all farm and nonfarm income) that will equal or exceed the total estimated cash expenses to be incurred by the borrower during such period (including all farm and nonfarm expenses); and