Extension of the rural economic development loan and grant program

Section 313B of the Rural Electrification Act of 1936 (7 U.S.C. 940c–2) is amended— (1) by striking subsection (b) and inserting the following: (b) Repayments (1) In general In the case of zero interest loans, the Secretary shall establish such reasonable repayment terms as will encourage borrower participation. (2) Letters of credit The Secretary shall not require a letter of credit or other similar guarantee from a recipient of a zero-interest loan under this section if the borrower assigns the Secretary a security interest in any collateral provided to secure a loan made with funds loaned under this section, or makes other similar arrangements to the satisfaction of the Secretary.; and (2) in subsection (e)(1), by striking 2019 through 2023 and inserting 2027 through 2031.