Sec. 100504. Funding for cooperatives
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/bill/117/hr/5376/eh/section-100504·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In addition to amounts otherwise available, there is appropriated to the Small Business Administration for fiscal year 2022, out of any money in the Treasury not otherwise appropriated, $100,000,000, to remain available until September 30, 2031, for carrying out paragraph
(40)of section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), as added by subsection (b). Section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ), as amended by section 100502, is further amended by adding at the end the following: In this paragraph: The term community financial institution has the meaning given in paragraph (36)(A). The term cooperative — means an entity determined by the Administrator to be a cooperative; and includes an entity owned by employees or consumers of the entity. The term eligible employee-owned business concern means— a cooperative in which the employees of the cooperative are eligible for membership; a qualified employee trust; or other employee-owned entities as determined by the Administrator. The term pilot program means the pilot program established under subparagraph (B). There is established a pilot program under which the Administrator shall guarantee loans (including loans made by community financial institutions), without the requirement of a personal or entity guarantee, where such loans shall be made to cooperatives or eligible employee-owned business concerns. The pilot program shall terminate on the date that is 5 years after the date of enactment of this paragraph. . Section 5(b)(7) of the Small Business Act ( 15 U.S.C. 634(b)(7) ) is amended by striking paragraph
(15)or
(35)and inserting paragraph (15), (35), or
(40).
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