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Code · BILL · 113th Congress · H.R. 2642 (EAH) — 113 HR 2642 EAH: Federal Agriculture Reform and Risk Management Act of 2013 · Sec. 5104

Sec. 5104. Microloans

353 words·~2 min read·/bill/113/hr/2642/eah/section-5104

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Section 313 of the Consolidated Farm and Rural Development Act ( 7 U.S.C. 1943 ) is amended by adding at the end the following: Subject to paragraph (2), the Secretary may establish a program to make or guarantee microloans. The Secretary shall not make or guarantee a microloan under this subsection that exceeds $35,000 or that would cause the total principal indebtedness outstanding at any 1 time for microloans made under this chapter to any 1 borrower to exceed $70,000. To the maximum extent practicable, the Secretary shall limit the administrative burdens and streamline the application and approval process for microloans under this subsection.
Subject to subparagraph (B), the Secretary may contract with community-based and nongovernmental organizations, State entities, or other intermediaries, as the Secretary determines appropriate— to make or guarantee a microloan under this subsection; and to provide business, financial, marketing, and credit management services to borrowers. Before contracting with an entity described in subparagraph (A), the Secretary— shall review and approve— the loan loss reserve fund for microloans established by the entity; and the underwriting standards for microloans of the entity; and establish such other requirements for contracting with the entity as the Secretary determines necessary. .
Section 311(c)(2) of such Act ( 7 U.S.C. 1941(c)(2) ) is amended to read as follows: In this subsection, the term direct operating loan shall not include— a loan made to a youth under subsection (b); or a microloan made to a beginning farmer or rancher or a veteran farmer or rancher (as defined in section 2501(e) of the Food, Agriculture, Conservation, and Trade Act of 1990 ( 7 U.S.C. 2279(e) ). . Section 312(a) of such Act ( 7 U.S.C. 1942(a) ) is amended by inserting (including a microloan, as defined by the Secretary) after A direct loan .
Section 316(a)(2) of such Act ( 7 U.S.C. 1946(a)(2) ) is amended by inserting a microloan to a beginning farmer or rancher or veteran farmer or rancher (as defined in section 2501(e) of the Food, Agriculture, Conservation, and Trade Act of 1990 ( after 7 U.S.C. 2279(e) ), or The interest rate on .
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Sec. 5104
Microloans
U.S.C.§ 1943
U.S.C.§ 1941
U.S.C.§ 2279
U.S.C.§ 1942
U.S.C.§ 1946
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