Sec. 1131. SMALL BUSINESS INTERMEDIARY LENDING PILOT PROGRAM
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## SEC. 1131 SMALL BUSINESS INTERMEDIARY LENDING PILOT PROGRAM ###
(a)In General Section 7 of the Small Business Act (15 U.S.C. 636) is amended by striking subsection
(l)and inserting the following: > > ### “(l) Small Business Intermediary Lending Pilot Program > > > #### “(1) Definitions > > In this subsection— > > > ##### “(A) > > the term ‘eligible intermediary’— > > > ###### “(i) > > means a private, nonprofit entity that— > > > ###### “(I) > > seeks or has been awarded a loan from the Administrator to make loans to small business concerns under this subsection; and > > > ###### “(II) > > has not less than 1 year of experience making loans to startup, newly established, or growing small business concerns; and > > > ###### “(ii) > > includes— > > > ###### “(I) > > a private, nonprofit community development corporation; > > > ###### “(II) > > a consortium of private, nonprofit organizations or nonprofit community development corporations; and > > > ###### “(III) > > an agency of or nonprofit entity established by a Native American Tribal Government; and > > > ##### “(B) > > the term ‘Program’ means the small business intermediary lending pilot program established under paragraph (2). > > > #### “(2) Establishment > > There is established a 3-year small business intermediary lending pilot program, under which the Administrator may make direct loans to eligible intermediaries, for the purpose of making loans to startup, newly established, and growing small business concerns. > > > #### “(3) Purposes > > The purposes of the Program are— > > > ##### “(A) > > to assist small business concerns in areas suffering from a lack of credit due to poor economic conditions or changes in the financial market; and > > > ##### “(B) > > to establish a loan program under which the Administrator may provide loans to eligible intermediaries to enable the eligible intermediaries to provide loans to startup, newly established, and growing small business concerns for working capital, real estate, or the acquisition of materials, supplies, or equipment. > > > #### “(4) Loans to eligible intermediaries > > > ##### “(A) Application > > Each eligible intermediary desiring a loan under this subsection shall submit an application to the Administrator that describes— > > > ###### “(i) > > the type of small business concerns to be assisted; > > > ###### “(ii) > > the size and range of loans to be made; > > > ###### “(iii) > > the interest rate and terms of loans to be made; > > > ###### “(iv) > > the geographic area to be served and the economic, poverty, and unemployment characteristics of the area; > > > ###### “(v) > > the status of small business concerns in the area to be served and an analysis of the availability of credit; and > > > ###### “(vi) > > the qualifications of the applicant to carry out this subsection. > > > ##### “(B) Loan limits > > No loan may be made to an eligible intermediary under this subsection if the total amount outstanding and committed to the eligible intermediary by the Administrator would, as a result of such loan, exceed $1,000,000 during the participation of the eligible intermediary in the Program. > > > ##### “(C) Loan duration > > Loans made by the Administrator under this subsection shall be for a term of 20 years. > > > ##### “(D) Applicable interest rates > > Loans made by the Administrator to an eligible intermediary under the Program shall bear an annual interest rate equal to 1.00 percent. > > > ##### “(E) Fees; collateral > > The Administrator may not charge any fees or require collateral with respect to any loan made to an eligible intermediary under this subsection. > > > ##### “(F) Delayed payments > > The Administrator shall not require the repayment of principal or interest on a loan made to an eligible intermediary under the Program during the 2-year period beginning on the date of the initial disbursement of funds under that loan. > > > ##### “(G) Maximum participants and amounts > > During each of fiscal years 2011, 2012, and 2013, the Administrator may make loans under the Program— > > > ###### “(i) > > to not more than 20 eligible intermediaries; and > > > ###### “(ii) > > in a total amount of not more than $20,000,000. > > > #### “(5) Loans to small business concerns > > > ##### “(A) In general > > The Administrator, through an eligible intermediary, shall make loans to startup, newly established, and growing small business concerns for working capital, real estate, and the acquisition of materials, supplies, furniture, fixtures, and equipment. > > > ##### “(B) Maximum loan > > An eligible intermediary may not make a loan under this subsection of more than $200,000 to any 1 small business concern. > > > ##### “(C) Applicable interest rates > > A loan made by an eligible intermediary to a small business concern under this subsection, may have a fixed or a variable interest rate, and shall bear an interest rate specified by the eligible intermediary in the application of the eligible intermediary for a loan under this subsection. > > > ##### “(D) Review restrictions > > The Administrator may not review individual loans made by an eligible intermediary to a small business concern before approval of the loan by the eligible intermediary. > > > #### “(6) Termination > > The authority of the Administrator to make loans under the Program shall terminate 3 years after the date of enactment of the Small Business Job Creation and Access to Capital Act of 2010.” > . ###
(b)Rulemaking Authority **[**[15 U.S.C. 636 note](/us/usc/t15/s636)**]** Not later than 180 days after the date of enactment of this Act, the Administrator shall issue regulations to carry out section 7(l) of the Small Business Act, as amended by subsection (a). ###
(c)Availability of Funds Any amounts provided to the Administrator for the purposes of carrying out section 7(l) of the Small Business Act, as amended by subsection (a), shall remain available until expended.
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Sec. 1131
SMALL BUSINESS INTERMEDIARY LENDING PILOT PROGRAM
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