What are the eligibility criteria for grant recipients?
Primary source
Verbatim text below is from the Electronic Code of Federal Regulations (eCFR), a public-domain U.S. government work. Always verify the current version with the eCFR before relying on it for any legal matter.
Full Text
(a) The applicant must be a private entity.
(b) The applicant must be organized as a non-profit entity.
(c) The applicant must have the legal capacity and lawful authority to perform the obligations of a grantee under this part.
Example 1 to paragraph (c):If the organization is incorporated as a non-profit corporation, it must have corporate authority under state law and its corporate charter to engage in the practice of making loans to legal entities.
Example 2 to paragraph (c):If the organization is an unincorporated association, state law may prevent the organization from entering into binding contracts, such as a grant agreement.
(d) The applicant must have sufficient expertise and experience in making and servicing loans to assure the likelihood that the objectives of this part can be achieved.
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.