Requirements for Application
- Prior to the submission of the application to the USDA, the cooperative should submit a letter to the Director of the NCREA requesting approval of the application and include the following information:
- Specify if the request is a loan or grant;
- The date the application will be filed with the USDA;
- Include the purpose for the funds; it is not necessary to include the location or the amount of the requested funds since that information is considered proprietary at this point of the process.
- The Director of the NCREA will present the request to the NCREA Board at Its regularly scheduled meeting. The Board will review the request and an order will be issued with a decision as soon as practical after the meeting.
Requirements Once the Award is Granted by the USDA
Once the award is granted by the USDA, following are the procedures for the NCREA and the cooperative for final approval for the Reconnect or Community Connect projects:
- A letter from the cooperative will be submitted to the Director of the NCREA requesting approval of the loan/grant request. The cooperative will determine the time-frame for submitting the request and the following information should be included in the letter:
- Specify if the award is for a loan or grant or a loan/grant combination;
- The date the FCC granted the award;
- The amount of the loan/grant;
- If the request is a loan, provide the repayment terms;
- Location(s) the funds will be used;
- Number of customers the cooperative plans to reach through the project and
- Length of time to complete the project.
- The cooperative can include other information they may deem necessary or appropriate for review and consideration from the NCREA and Its Board. Once the request has been reviewed by the Director of the NCREA, more information may be requested if needed and it will be presented to the NCREA Board at Its regularly scheduled meeting. The Board will review the request and an order will be issued with the decision as soon as practical after the meeting.