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EDA updates Revolving Loan Fund regulations
Kirill Abbakumov   on Tuesday, December 26, 2017 at 12:00:00 am

On December 1, 2017, the Economic Development Administration (EDA) has published revisions to the regulations implementing the Public Works and Economic Development Act, which governs EDA’s Revolving Loan Fund (RLF) Program. The regulatory changes will enable the Department to more efficiently manage the residual RLF portfolio going forward.

The changes incorporate current best practices and strengthen EDA's efforts to evaluate, monitor, and improve performance within the agency's RLF program by establishing the Risk Analysis System, a risk-based management framework, to evaluate and manage the RLF program.

To make RLF awards more efficient for Recipients to administer and EDA to monitor, EDA is also reorganizing the RLF regulations and making changes to improve readability and clarify those requirements that apply to the distinct phases of an RLF award.

In addition, EDA is updating other parts of its regulations, including revising definitions, replacing references to superseded regulations to reflect the promulgation of the Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (“Uniform Guidance”), streamlining the provisions that outline EDA's application process, and clarifying EDA's property management regulations.

The updated regulations will take effect on January 2, 2018. After the final rule becomes effective, EDA will update the full text of EDA's regulations, as amended, and post it on EDA's Web site at www.eda.gov/​about/​regulations.htm