Section 1 Short title
This Act may be cited as the “Revolving Loan Fund Flexibility Act of 2020”.
Revolving Loan Fund Flexibility Act of 2020
A BILL
To amend the Public Works and Economic Development Act of 1965 to allow a grantee of revolving loan funds to transfer certain funds to other eligible projects.
Sec. 2 Revolving loan fund flexibility
Section 209(d) of the Public Works and Economic Development Act of 1965 (42 U.S.C. 3149(d)) is amended—
by redesignating paragraphs (3) and (4) as paragraphs (4) and (5); and
by inserting after paragraph (2) the following:
“(3) Revolving loan fund repurposing
“(A) In general—A grantee of revolving loan funds may, upon request, transfer any funds that have been repaid to a revolving loan fund under this section to any other project eligible to receive funding under this section.
“(B) Eligibility—To be eligible to transfer revolving loan funds under this paragraph, a grantee shall have more cash available for lending than the average cash available for lending in the EDA region in which such grantee is located.
“(C) Discretion—The Secretary shall retain the discretion to approve or deny a transfer request under this paragraph.
“(D) Cash available for lending defined—In this paragraph, the term “cash available for lending” means the revolving loan fund cash available for lending net of the committed revolving loan fund cash.”