42 USC 13239 - Low interest loan program

U.S Code last checked for updates: May 03, 2024

§ 13239.

Low interest loan program

(a)

Establishment

Within 1 year after October 24, 1992, the Secretary shall establish a program for making low interest loans, giving preference to small businesses that own or operate fleets, for—

(1)

the conversion of motor vehicles to operation on alternative fuels;

(2)

covering the incremental costs of the purchase of motor vehicles which operate on alternative fuels, when compared with purchase costs of comparable conventionally fueled motor vehicles; or

(3)

covering the incremental costs of purchase of non-road vehicles and engines designated by the Secretary pursuant to section 13238(c) of this title.

(b)

Loan terms

(c)

Criteria

In deciding to whom loans shall be made under this subsection, the Secretary shall consider—

(1)

the financial need of the applicant;

(2)

the goal of assisting the greatest number of applicants; and

(3)

the ability of an applicant to repay the loan, taking into account the fuel cost savings likely to accrue to the applicant.

(d)

Priorities

(e)

Authorization of appropriations

(Pub. L. 102–486, title IV, § 414, Oct. 24, 1992, 106 Stat. 2886.)

cite as: 42 USC 13239