(a) To be eligible for a broadband loan, an applicant may be either a nonprofit or for-profit organization, and must take one of the following forms:
(1) Corporation;
(2) Limited liability company (LLC);
(3) Cooperative or mutual organization;
(4) Indian tribe or tribal organization as defined in 25 U.S.C. 450b; or
(5) State or local government, including any agency, subdivision, or instrumentality thereof.
(b) To be eligible for a broadband loan, the applicant must:
(1) Submit a loan application which meets the requirements set forth herein as well as any additional requirements published in the Federal Register;
(2) Agree to complete the build-out of the broadband system described in the loan application within three years from the day the applicant is notified that loan funds are available. The loan application must demonstrate that all proposed construction be completed within this three year period with the exception of CPE. CPE can be funded throughout the forecast period;
(3) Demonstrate an ability to furnish, improve, or extend broadband facilities to provide service at the broadband lending speed in rural areas;
(4) Demonstrate an equity position equal to at least 10 percent of the amount of the loan requested in the application (see Sec. 1738.207); and
(5) Provide additional security if it is necessary to ensure financial feasibility (see Sec. 1738.208) as determined by the Administrator.