Title 48 — Territories and Insular PossessionsRelease 119-73not60
§1690 Loans From Trust Territory of the Pacific Islands Economic Loan Fund; Restrictions; Guarantees
Title 48 › Chapter 14— TRUST TERRITORY OF THE PACIFIC ISLANDS › § 1690
Summary
Loans and loan guarantees under sections 1688–1693 can only be made if the applicant proves to the territorial administering agency that reasonable financing is not available elsewhere. A loan cannot be larger than what can be repaid, the minimum needed for the program, or 25% of the funds under section 1688; a guarantee may cover at most 90% of a loan and must have reserves of at least 25% of the guaranteed amount.
Full Legal Text
Title 48, §1690
Territories and Insular Possessions — Source: USLM XML via OLRC
No loan or loan guarantee shall be made under sections 1688 to 1693 of this title to any applicant who does not satisfy the territorial administering agency that financing is otherwise unavailable on reasonable terms and conditions. No loan or loan guarantee shall exceed (1) the amount which can reasonably be expected to be repaid, (2) the minimum amount necessary to accomplish the purposes of sections 1688 to 1693 of this title, or 25 per centum of the funds appropriated pursuant to section 1688 of this title. No loan guarantee shall guarantee more than 90 per centum of the outstanding amount of any loan, and the reserves maintained to guarantee the loan shall not be less than 25 per centum of the guarantee.
Reference
Citations & Metadata
Citation
48 U.S.C. § 1690
Title 48 — Territories and Insular Possessions
Last Updated
Apr 5, 2026
Release point: 119-73not60