MoFi has received low-interest notes directly from the Community Facilities Loans and Grant Program ("CF"), federal Assistance Listing No. 10.766, to fund loans to rural community facilities. There were no advances received by MoFi during the year ended December 31, 2025. The balance of the CF note payable at December 31, 2025 was $581,935.
MoFi has received six low-interest notes directly from the Intermediary Relending Program ("IRP"), federal Assistance Listing No. 10.767, to fund loans to small businesses that promote economic development in rural areas. In addition, MoFi assumed an IRP fund loan from a local agency in 2013. Each IRP note will be repaid to the Rural Business-Cooperative Service over a 30-year period. The balance of IRP notes payable at December 31, 2025 was $2,111,301. The re-loaned funds to small businesses as loans receivable are subject to continuing federal compliance requirements. As of January 1, 2025, the loans receivable balance was $51,493 and there were no advances to small business borrowers under IRP during the year ended December 31, 2025. Accordingly, the amount reported on the schedule of expenditures of federal awards is $51,493.
MoFi has received a low-interest note directly from the Rural Microentrepreneur Assistance Program ("RMAP"), federal Assistance Listing No. 10.870, to fund loans to small businesses that promote economic development in rural areas. The RMAP note payable balance as of January 1, 2025 was $353,115. MoFi received advances of $143,800 during the year ended December 31, 2025. The note payable balance at January 1, 2025 plus advances received during 2025, which totals $496,915, is considered federal awards because the re-loaned funds are subject to continuing federal compliance requirements and is included as a component of total RMAP federal program expenditures on the accompanying schedule of expenditures of federal awards. The balance of the RMAP note payable at December 31, 2025 was $457,020.
During 2020, MoFi received funding directly from the U.S. Department of Commerce Economic Development Assistance (EDA) loan fund, federal Assistance Listing No. 11.307, under the Coronavirus Aid, Relief, and Economic Security Act. The federal portion of the loan fund and associated cash and other assets and liabilities is considered a federal award due to continuing compliance requirements for the life of the program. The amount of federal funds of $1,872,270 expended in the accompanying Schedule reflects the cumulative amounts received and deployed to date for the program exclusive of the nonfederal share of matching funds required by the program initially.
MoFi has received low-interest notes directly from the Small Business Administration ("SBA"), federal Assistance Listing No. 59.046, to fund loans to small businesses. The notes payable balance as of January 1, 2025 was $4,795,945. There were advances of $800,000 received by MoFi during the year ended December 31, 2025. The balance of SBA notes payable at December 31, 2025 was $4,962,999.