Except as specified in paragraph (b) of this section, a lender is eligible under the Program, and may be considered for BIA approval, if the lender is:
Regularly engaged in the business of making loans;
Capable of evaluating and servicing loans in accordance with reasonable and prudent industry standards; and
Otherwise reasonably acceptable to BIA.
The following lenders are not qualified to issue loans under the Program:
An agency or instrumentality of the Federal Government;
A lender that borrows money from any Federal Government source, other than the Federal Reserve Bank System, for purposes of relending;
A lender that does not include the interest on loans it makes in gross income, for purposes of chapter 1, title 26 of the United States Code; and
A lender that does not keep any ownership interest in loans it originates.
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