Al recibir la solicitud de garantía de préstamo, el Banco Gubernamental de Fomento para Puerto Rico, siempre que el estudio de viabilidad de la escuela cooperativa lo justifique, queda facultado para expedir una promesa de garantizar, bajo los términos y condiciones de las secs. 1601 a 1614 de este título, con el fin de que la escuela cooperativa pueda gestionar financiamiento de su proyecto. Esta promesa quedará vigente por dos (2) años y podrá prorrogarse por dos (2) más. Si al terminar esta prórroga no se ha ultimado y formalizado el financiamiento, deberá radicarse una nueva solicitud de garantía.
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