Iowa Subrecipient Borrower Loan Agreement
Overview of this form
The Subrecipient Borrower Loan Agreement is a legal document between a city or county government and a borrower. This agreement outlines the terms under which the borrower receives funds from a grant provided by the state of Iowa through the Community Development Block Grant program. The funds are designated for specific projects that promote economic growth and job creation within the municipality or county. This form is essential to ensure compliance with funding requirements and proper management of public resources.
What’s included in this form
- Loan Amount: Specifies the loan amount granted to the borrower.
- Project Description: Outlines the scope and budget of the project funded by the loan.
- Job Obligations: Details the job creation and retention commitments the borrower must meet.
- Performance Metrics: Describes the consequences for failing to meet job creation and investment goals.
- Reporting Requirements: Specifies the reporting obligations of the borrower to the city or county government.
Situations where this form applies
This form should be used when a city or county government in Iowa intends to provide financial assistance in the form of a loan to a borrowing entity. It is applicable when the borrowing entity has a project that aligns with the objectives of the Community Development Block Grant program and has exhausted other financing options. Furthermore, if the project involves job creation or retention, this agreement ensures that all parties are informed of their responsibilities and the terms of the loan.
Who can use this document
- City or county government officials responsible for economic development.
- Businesses or organizations seeking funding for projects that create or retain jobs.
- Legal representatives handling municipal agreements and economic development initiatives.
- Grant administrators who manage the distribution and compliance of Community Development Block Grant funds.
Completing this form step by step
- Identify the parties involved by entering the name of the city or county and the borrower.
- Specify the loan amount and purpose of the loan in the appropriate sections of the agreement.
- Detail the project description and budget in the designated area, referencing exhibit documents as necessary.
- Outline the job obligations related to job creation and retention, indicating specific numbers and conditions.
- Ensure both parties sign and date the agreement to make it legally binding.
Is notarization required?
This form does not typically require notarization unless specified by local law. Always confirm local requirements to ensure compliance.
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Make edits, fill in missing information, and update formatting in US Legal Forms—just like you would in MS Word.
Download a copy, print it, send it by email, or mail it via USPS—whatever works best for your next step.
Sign and collect signatures with our SignNow integration. Send to multiple recipients, set reminders, and more. Go Premium to unlock E-Sign.
If this form requires notarization, complete it online through a secure video call—no need to meet a notary in person or wait for an appointment.
We protect your documents and personal data by following strict security and privacy standards.
Typical mistakes to avoid
- Failing to accurately specify the loan amount and project budget.
- Not including required job creation and retention commitments.
- Missing signatures or dates, which can invalidate the agreement.
- Neglecting to check compliance with all state and federal guidelines relevant to the funding.
Benefits of completing this form online
- Quick access to the latest version of the Subrecipient Borrower Loan Agreement.
- Easy editing and customization to suit specific project needs.
- Secure storage and retrieval of completed agreements for future reference.
- Guidance on compliance and requirements tailored to Iowa's regulations.
Legal use & context
- This agreement must be executed to ensure the lending and receiving parties understand their obligations.
- The document protects public funds by outlining specific job creation goals linked to the grant.
- The agreement is enforceable under the laws of the State of Iowa, ensuring legal recourse for non-compliance.
Summary of main points
- The Subrecipient Borrower Loan Agreement is essential for formalizing a loan between a government entity and a borrower.
- It includes specific requirements for project funding, job creation, and compliance reporting.
- Accuracy in completing the form is critical to avoid potential legal issues or funding disallowances.
