Sec. 3. Credit elsewhere
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/bill/114/s/2992/is/section-3A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
The Small Business Act ( 15 U.S.C. 631 et seq. ) is amended— by striking section 3(h) ( 15 U.S.C. 632(h) ) and inserting the following: The term credit elsewhere means— for the purposes of this Act, except for section 7(b), the availability of credit to the individual loan applicant on reasonable terms and conditions from non-Federal, non-State, or non-local government sources, taking into consideration factors associated with conventional lending practices, including but not limited to— the business industry in which the loan applicant operates; whether the loan applicant is an enterprise that has been in operation for a period of less than 2 years; the adequacy of the collateral available to secure the requested loan; and the loan term necessary to reasonably assure the ability of the loan applicant to repay the debt from the actual or projected cash flow of the business; and for the purposes of section 7(b), the availability of credit from non-Federal sources on reasonable terms and conditions taking into consideration the prevailing rates and terms in the community in or near where the concern transacts business, or the homeowner resides, for similar purposes and periods of time. ; and by striking section 18(b) ( 15 U.S.C. 647(b) ) and inserting the following:
As used in this Act, the term agricultural enterprises means those businesses engaged in the production of food and fiber, ranching, and raising of livestock, aquaculture, and all other farming and agricultural related industries. .
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