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United States Code (Last Updated: May 24, 2014) |
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Title 15. COMMERCE AND TRADE |
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Chapter 14A. AID TO SMALL BUSINESS |
§ 636. Additional powers
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(a) Loans to small business concerns; allowable purposes; qualified business; restrictions and limitations The Administration is empowered to the extent and in such amounts as provided in advance in appropriation Acts to make loans for plant acquisition, construction, conversion, or expansion, including the acquisition of land, material, supplies, equipment, and working capital, and to make loans to any qualified small business concern, including those owned by qualified Indian tribes, for purposes of this chapter. Such financings may be made either directly or in cooperation with banks or other financial institutions through agreements to participate on an immediate or deferred (guaranteed) basis. These powers shall be subject, however, to the following restrictions, limitations, and provisions: (1) In general.— (A) Credit elsewhere.— No financial assistance shall be extended pursuant to this subsection if the applicant can obtain credit elsewhere. No immediate participation may be purchased unless it is shown that a deferred participation is not available; and no direct financing may be made unless it is shown that a participation is not available. (B) Background checks.— Prior to the approval of any loan made pursuant to this subsection, or section 503 of the Small Business Investment Act of 1958 [15 U.S.C. 697], the Administrator may verify the applicant’s criminal background, or lack thereof, through the best available means, including, if possible, use of the National Crime Information Center computer system at the Federal Bureau of Investigation. (2) Level of participation in guaranteed loans.— (A) In general.— Except as provided in subparagraphs (B), (D), and (E), in an agreement to participate in a loan on a deferred basis under this subsection (including a loan made under the Preferred Lenders Program), such participation by the Administration shall be equal to— (i) 75 percent of the balance of the financing outstanding at the time of disbursement of the loan, if such balance exceeds $150,000; or (ii) 85 percent of the balance of the financing outstanding at the time of disbursement of the loan, if such balance is less than or equal to $150,000. (B) Reduced participation upon request.— (i) In general.— The guarantee percentage specified by subparagraph (A) for any loan under this subsection may be reduced upon the request of the participating lender. (ii) Prohibition.— The Administration shall not use the guarantee percentage requested by a participating lender under clause (i) as a criterion for establishing priorities in approving loan guarantee requests under this subsection. (C) Interest rate under preferred lenders program.— (i) In general.— The maximum interest rate for a loan guaranteed under the Preferred Lenders Program shall not exceed the maximum interest rate, as determined by the Administration, applicable to other loans guaranteed under this subsection. (ii) Export-import bank lenders.— Any lender that is participating in the Delegated Authority Lender Program of the Export-Import Bank of the United States (or any successor to the Program) shall be eligible to participate in the Preferred Lenders Program. (iii) Preferred lenders program defined.— For purposes of this subparagraph, the term “Preferred Lenders Program” means any program established by the Administrator, as authorized under the proviso in section 634(b)(7) of this title, under which a written agreement between the lender and the Administration delegates to the lender— (I) complete authority to make and close loans with a guarantee from the Administration without obtaining the prior specific approval of the Administration; and (II) complete authority to service and liquidate such loans without obtaining the prior specific approval of the Administration for routine servicing and liquidation activities, but shall not take any actions creating an actual or apparent conflict of interest. (D) Participation under export working capital program.— In an agreement to participate in a loan on a deferred basis under the Export Working Capital Program established pursuant to paragraph (14)(A), such participation by the Administration shall be 90 percent. (E) Participation in international trade loan.— In an agreement to participate in a loan on a deferred basis under paragraph (16), the participation by the Administration may not exceed 90 percent. (3) No loan shall be made under this subsection— (A) if the total amount outstanding and committed (by participation or otherwise) to the borrower from the business loan and investment fund established by this chapter would exceed $3,750,000 (or if the gross loan amount would exceed $5,000,000), except as provided in subparagraph (B); (B) if the total amount outstanding and committed (on a deferred basis) solely for the purposes provided in paragraph (16) to the borrower from the business loan and investment fund established by this chapter would exceed $4,500,000 (or if the gross loan amount would exceed $5,000,000), of which not more than $4,000,000 may be used for working capital, supplies, or financings under paragraph (14) for export purposes; and (C) if effected either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate basis if the amount would exceed $350,000. (4) Interest rates and prepayment charges.— (A) Interest rates.— Notwithstanding the provisions of the constitution of any State or the laws of any State limiting the rate or amount of interest which may be charged, taken, received, or reserved, the maximum legal rate of interest on any financing made on a deferred basis pursuant to this subsection shall not exceed a rate prescribed by the Administration, and the rate of interest for the Administration’s share of any direct or immediate participation loan shall not exceed the current average market yield on outstanding marketable obligations of the United States with remaining periods to maturity comparable to the average maturities of such loans and adjusted to the nearest one-eighth of 1 per centum, and an additional amount as determined by the Administration, but not to exceed 1 per centum per annum: Provided, That for those loans to assist any public or private organization for the handicapped or to assist any handicapped individual as provided in paragraph (10) of this subsection, the interest rate shall be 3 per centum per annum. (B) Payment of accrued interest.— (i) In general.— Any bank or other lending institution making a claim for payment on the guaranteed portion of a loan made under this subsection shall be paid the accrued interest due on the loan from the earliest date of default to the date of payment of the claim at a rate not to exceed the rate of interest on the loan on the date of default, minus one percent. (ii) Loans sold on secondary market.— If a loan described in clause (i) is sold on the secondary market, the amount of interest paid to a bank or other lending institution described in that clause from the earliest date of default to the date of payment of the claim shall be no more than the agreed upon rate, minus one percent. (iii) Applicability.— Clauses (i) and (ii) shall not apply to loans made on or after October 1, 2000 .(C) Prepayment charges (i) In general.— A borrower who prepays any loan guaranteed under this subsection shall remit to the Administration a subsidy recoupment fee calculated in accordance with clause (ii) if— (I) the loan is for a term of not less than 15 years; (II) the prepayment is voluntary; (III) the amount of prepayment in any calendar year is more than 25 percent of the outstanding balance of the loan; and (IV) the prepayment is made within the first 3 years after disbursement of the loan proceeds. (ii) Subsidy recoupment fee.— The subsidy recoupment fee charged under clause (i) shall be— (I) 5 percent of the amount of prepayment, if the borrower prepays during the first year after disbursement; (II) 3 percent of the amount of prepayment, if the borrower prepays during the second year after disbursement; and (III) 1 percent of the amount of prepayment, if the borrower prepays during the third year after disbursement. (5) No such loans including renewals and extensions thereof may be made for a period or periods exceeding twenty-five years, except that such portion of a loan made for the purpose of acquiring real property or constructing, converting, or expanding facilities may have a maturity of twenty-five years plus such additional period as is estimated may be required to complete such construction, conversion, or expansion. (6) All loans made under this subsection shall be of such sound value or so secured as reasonably to assure repayment: Provided, however, That— (A) for loans to assist any public or private organization or to assist any handicapped individual as provided in paragraph (10) of this subsection any reasonable doubt shall be resolved in favor of the applicant; (B) recognizing that greater risk may be associated with loans for energy measures as provided in paragraph (12) of this subsection, factors in determining “sound value” shall include, but not be limited to, quality of the product or service; technical qualifications of the applicant or his employees; sales projections; and the financial status of the business concern: Provided further, That such status need not be as sound as that required for general loans under this subsection; and to achieve the purpose set forth in subparagraph (A). (C) Welfare-to-work microloan initiative Of amounts made available to carry out the welfare-to-work microloan initiative under paragraph (1)(A)(iv) in any fiscal year, the Administration may use not more than 5 percent to provide technical assistance, either directly or through contractors, to welfare-to-work microloan initiative grantees, to ensure that, as grantees, they have the knowledge, skills, and understanding of microlending and welfare-to-work transition, and other related issues, to operate a successful welfare-to-work microloan initiative.
(10) Report to Congress On November 1, 1995 , the Administration shall submit to the Committees on Small Business of the Senate and the House of Representatives a report, including the Administration’s evaluation of the effectiveness of the first 3½ years of the microloan program and the following:(A) the numbers and locations of the intermediaries funded to conduct microloan programs; (B) the amounts of each loan and each grant to intermediaries; (C) a description of the matching contributions of each intermediary; (D) the numbers and amounts of microloans made by the intermediaries to small business concern borrowers; (E) the repayment history of each intermediary; (F) a description of the loan portfolio of each intermediary including the extent to which it provides microloans to small business concerns in rural areas; and (G) any recommendations for legislative changes that would improve program operations. (11) Definitions For purposes of this subsection— (A) the term “intermediary” means— (i) a private, nonprofit entity; (ii) a private, nonprofit community development corporation; (iii) a consortium of private, nonprofit organizations or nonprofit community development corporations; (iv) a quasi-governmental economic development entity (such as a planning and development district), other than a State, county, municipal government, or any agency thereof, if— (I) no application is received from an eligible nonprofit organization; or (II) the Administration determines that the needs of a region or geographic area are not adequately served by an existing, eligible nonprofit organization that has submitted an application; or (v) an agency of or nonprofit entity established by a Native American Tribal Government, that seeks to borrow or has borrowed funds from the Administration to make microloans to small business concerns under this subsection; (B) the term “microloan” means a short-term, fixed rate loan of not more than $50,000, made by an intermediary to a startup, newly established, or growing small business concern; (C) the term “rural area” means any political subdivision or unincorporated area— (i) in a nonmetropolitan county (as defined by the Secretary of Agriculture) or its equivalent thereof; or (ii) in a metropolitan county or its equivalent that has a resident population of less than 20,000 if the Small Business Administration has determined such political subdivision or area to be rural. (12) Deferred participation loan pilot In lieu of making direct loans to intermediaries as authorized in paragraph (1)(B), during fiscal years 1998 through 2000, the Administration may, on a pilot program basis, participate on a deferred basis of not less than 90 percent and not more than 100 percent on loans made to intermediaries by a for-profit or nonprofit entity or by alliances of such entities, subject to the following conditions: (A) Number of loans In carrying out this paragraph, the Administration shall not participate in providing financing on a deferred basis to more than 10 intermediaries in urban areas or more than 10 intermediaries in rural areas.
(B) Term of loans The term of each loan shall be 10 years. During the first year of the loan, the intermediary shall not be required to repay any interest or principal. During the second through fifth years of the loan, the intermediary shall be required to pay interest only. During the sixth through tenth years of the loan, the intermediary shall be required to make interest payments and fully amortize the principal.
(C) Interest rate The interest rate on each loan shall be the rate specified by paragraph (3)(F) for direct loans.
(13) Evaluation of welfare-to-work microloan initiative On
January 31, 1999 , and annually thereafter, the Administration shall submit to the Committees on Small Business of the House of Representatives and the Senate a report on any monies distributed pursuant to paragraph (4)(F).(n) Repayment deferred for active duty reservists (1) Definitions In this subsection: (A) Eligible reservist The term “eligible reservist” means a member of a reserve component of the Armed Forces ordered to active duty during a period of military conflict.
(B) Essential employee The term “essential employee” means an individual who is employed by a small business concern and whose managerial or technical expertise is critical to the successful day-to-day operations of that small business concern.
(C) Period of military conflict The term “period of military conflict” means— (i) a period of war declared by the Congress; (ii) a period of national emergency declared by the Congress or by the President; or (iii) a period of a contingency operation, as defined in section 101(a) of title 10. (D) Qualified borrower The term “qualified borrower” means— (i) an individual who is an eligible reservist and who received a direct loan under subsection (a) or (b) of this section before being ordered to active duty; or (ii) a small business concern that received a direct loan under subsection (a) or (b) of this section before an eligible reservist, who is an essential employee, was ordered to active duty. (2) Deferral of direct loans (A) In general The Administration shall, upon written request, defer repayment of principal and interest due on a direct loan made under subsection (a) or (b) of this section, if such loan was incurred by a qualified borrower.
(B) Period of deferral The period of deferral for repayment under this paragraph shall begin on the date on which the eligible reservist is ordered to active duty and shall terminate on the date that is 180 days after the date such eligible reservist is discharged or released from active duty.
(C) Interest rate reduction during deferral Notwithstanding any other provision of law, during the period of deferral described in subparagraph (B), the Administration may, in its discretion, reduce the interest rate on any loan qualifying for a deferral under this paragraph.
(3) Deferral of loan guarantees and other financings The Administration shall— (A) encourage intermediaries participating in the program under subsection (m) of this section to defer repayment of a loan made with proceeds made available under that subsection, if such loan was incurred by a small business concern that is eligible to apply for assistance under subsection (b)(3) of this section; and (B) not later than 30 days after August 17, 1999 , establish guidelines to—(i) encourage lenders and other intermediaries to defer repayment of, or provide other relief relating to, loan guarantees under subsection (a) of this section and financings under section 697a of this title that were incurred by small business concerns that are eligible to apply for assistance under subsection (b)(3) of this section, and loan guarantees provided under subsection (m) of this section if the intermediary provides relief to a small business concern under this paragraph; and (ii) implement a program to provide for the deferral of repayment or other relief to any intermediary providing relief to a small business borrower under this paragraph.
Prospective Amendment
Pub. L. 111–240, title I, § 1133(b),
References In Text
Subsections (b) and (c) of section 631 of this title, referred to in subsecs. (a)(11) and (i)(1), were redesignated subsections (c) and (d), respectively, and a new subsection (b) was added by Pub. L. 100–418, title VIII, § 8002,
The Small Business Investment Act of 1958, referred to in subsecs. (a)(13) and (j)(10)(A)(vi), (13)(D)(i), is Pub. L. 85–699,
The Trade Act of 1974, referred to in subsec. (a)(16)(E), is Pub. L. 93–618,
The Robert T. Stafford Disaster Relief and Emergency Assistance Act, referred to in subsec. (b), is Pub. L. 93–288,
Section 231 of the Disaster Relief Act of 1970 [15 U.S.C. 636a], referred to in penultimate par. of subsec. (b), was repealed by Pub. L. 97–35, title XIX, § 1917,
The date of enactment of the Small Business Disaster Response and Loan Improvements Act of 2008, referred to in subsec. (c)(10), is the date of enactment of subtitle B (§§ 12051–12091) of title XII of Pub. L. 110–246, which was approved
Reorganization Plan Numbered 2 of 1954, referred to in subsec. (d)(1), is set out in the Appendix to Title 5, Government Organization and Employees.
Reorganization Plan Numbered 1 of 1957, referred to in subsec. (d)(1), is set out in the Appendix to Title 5.
The Economic Opportunity Act of 1964, referred to in subsec. (i)(3), is Pub. L. 88–452,
The Public Works and Economic Development Act of 1965, referred to in subsec. (i)(5)(D), is Pub. L. 89–136,
The date of enactment of the National Defense Authorization Act for Fiscal Year 2013, referred to in subsec. (j)(10)(D)(i), is the date of enactment of Pub. L. 112–239, which was approved
Section 602(b) of Public Law 100–656, the “Business Opportunity Development Reform Act of 1988”, referred to in subsec. (j)(10)(J)(ii)(III), is set out as a note under section 637 of this title.
Section 35(a) of title 41, referred to in subsec. (j)(13)(C), was struck out and former section 35(b) of title 41 redesignated section 35(a) by Pub. L. 103–355, title VII, § 7201(1),
The Workforce Investment Act of 1998, referred to in subsec. (j)(13)(E), is Pub. L. 105–220,
The Social Security Act, referred to in subsec. (m)(1)(A)(iv), (4)(F)(iii)(II)(aa), is act Aug. 14, 1935, ch. 531, 49 Stat. 620. Part A of title IV of the Act is classified generally to part A (§ 601 et seq.) of subchapter IV of chapter 7 of Title 42, The Public Health and Welfare. For complete classification of this Act to the Code, see section 1305 of Title 42 and Tables.
Paragraph (10), referred to in subsec. (m)(2)(A), was redesignated paragraph (11) by Pub. L. 102–366, title I, § 113(a)(8),
Section 202(b) of the Small Business Reauthorization Act of 1997, referred to in subsec. (m)(4)(F)(i), is section 202(b) of Pub. L. 105–135, which is set out as a note below.
The Child Care and Development Block Grant Act of 1990, referred to in subsec. (m)(4)(F)(iii)(II)(aa), is subchapter C (§§ 658A–658R) of chapter 8 of subtitle A of title VI of Pub. L. 97–35, as added by Pub. L. 101–508, title V, § 5082(2),
Codification
In subsec. (d)(3), “
In subsec. (j)(11)(B)(i), as enacted by the amendments made by Pub. L. 101–37, “
“Sections 3131 and 3133 of title 40” substituted in subsec. (j)(13)(D) for “the Act entitled ‘An Act requiring contracts for the construction, alteration and repair of any public building or public work of the United States to be accompanied by a performance bond protecting the United States and by an additional bond for the protection of persons furnishing material and labor for the construction, alteration, or repair of said public buildings or public works’, approved
In subsec. (k)(3), “section 1342 of title 31” substituted for “section 3679(b) of the Revised Statutes (31 U.S.C. 665(b))” on authority of Pub. L. 97–258, § 4(b),
Section 3109 of title 5, referred to in subsec. (k)(4), substituted for “section 15 of the Administrative Expenses Act of 1946 (5 U.S.C. 55a)” on authority of Pub. L. 89–554, § 7(b),
Section 5703 of title 5, referred to in subsec. (k)(4), substituted for “section 5 of such Act (5 U.S.C. 73b–2)” on authority of section 7(b) of Pub. L. 89–554,
Pub. L. 110–234 and Pub. L. 110–246 made identical amendments to this section. The amendments by Pub. L. 110–234 were repealed by section 4(a) of Pub. L. 110–246.
Prior Provisions
Provisions similar to those comprising subsec. (e) of this section were contained in section 2(a) and (b) of Pub. L. 87–550,
Prior similar provisions were contained in section 207 of act July 30, 1953, ch. 282, title II, 67 Stat. 235, as amended by acts Aug. 9, 1955, ch. 628, §§ 2, 5, 69 Stat. 547; Feb. 2, 1956, ch. 29, §§ 2, 3, 70 Stat. 10; Pub. L. 85–335,
Amendments
2013—Subsec. (j)(10)(D)(i). Pub. L. 112–239 inserted “The Business Opportunity Specialist shall have a Level I Federal Acquisition Certification in Contracting (or any successor certification) or the equivalent Department of Defense certification, except that a Business Opportunity Specialist serving at the time of the date of enactment of the National Defense Authorization Act for Fiscal Year 2013 may continue to serve as a Business Opportunity Specialist for a period of 5 years beginning on that date of enactment without such a certification.” after “to assist such Program Participant.”
2011—Subsec. (d)(5)(D). Pub. L. 112–74 substituted “7 years” for “three years”.
2010—Subsec. (a)(2)(A). Pub. L. 111–240, § 1206(a)(2)(A), substituted “subparagraphs (B), (D), and (E)” for “subparagraph (B)” in introductory provisions.
Subsec. (a)(2)(A)(i). Pub. L. 111–240, § 1111(b)(1)(A), substituted “75 percent” for “90 percent”.
Pub. L. 111–240, § 1111(a)(1)(A), substituted “90 percent” for “75 percent”.
Subsec. (a)(2)(A)(ii). Pub. L. 111–240, § 1111(b)(1)(B), substituted “85 percent” for “90 percent”.
Pub. L. 111–240, § 1111(a)(1)(B), substituted “90 percent” for “85 percent”.
Subsec. (a)(2)(C)(ii), (iii). Pub. L. 111–240, § 1206(e), added cl. (ii) and redesignated former cl. (ii) as (iii).
Subsec. (a)(2)(D). Pub. L. 111–240, § 1206(d)(1), substituted “be” for “not exceed”.
Pub. L. 111–240, § 1206(a)(2)(B), substituted “In” for “Notwithstanding subparagraph (A), in”.
Subsec. (a)(2)(E). Pub. L. 111–240, § 1206(a)(2)(C), added subpar. (E).
Subsec. (a)(3)(A). Pub. L. 111–240, § 1111(b)(2), substituted “$3,750,000” for “$4,500,000”.
Pub. L. 111–240, § 1111(a)(2), substituted “$4,500,000 (or if the gross loan amount would exceed $5,000,000” for “$1,500,000 (or if the gross loan amount would exceed $2,000,000”.
Subsec. (a)(3)(B). Pub. L. 111–240, § 1206(a)(1), substituted “$4,500,000 (or if the gross loan amount would exceed $5,000,000), of which not more than $4,000,000” for “$1,750,000, of which not more than $1,250,000”.
Subsec. (a)(14). Pub. L. 111–240, § 1206(d)(2), inserted par. (14) and subpar. (A) headings, substituted “The Administrator” for “The Administration” in subpar. (A), added subpar. (B), redesignated former subpars. (B) and (C) as (C) and (D), respectively, and inserted headings, and substituted “The Administrator” for “The Administration” in subpar. (D) as redesignated.
Subsec. (a)(16)(A). Pub. L. 111–240, § 1206(b)(1), struck out “in” before dash at end of introductory provisions.
Subsec. (a)(16)(A)(i). Pub. L. 111–240, § 1206(b)(2), inserted “in” after cl. (i) designation and struck out “or” at end.
Subsec. (a)(16)(A)(ii). Pub. L. 111–240, § 1206(b)(3), inserted “in” after cl. (ii) designation and substituted “, including any debt that qualifies for refinancing under any other provision of this subsection; or” for period at end.
Subsec. (a)(16)(A)(iii). Pub. L. 111–240, § 1206(b)(4), added cl. (iii).
Subsec. (a)(16)(B). Pub. L. 111–240, § 1206(c), designated existing provisions as cl. (i), inserted cl. (i) heading, substituted “Except as provided in clause (ii), each loan” for “Each loan”, and added cl. (ii).
Subsec. (a)(16)(F). Pub. L. 111–240, § 1206(g), added subpar. (F).
Subsec. (a)(31)(D). Pub. L. 111–240, § 1135(b), substituted “$350,000” for “$1,000,000”.
Pub. L. 111–240, § 1135(a), substituted “$1,000,000” for “$350,000”.
Subsec. (a)(32), (33). Pub. L. 111–240, § 1133(a)(1), redesignated par. (32), relating to increased veteran participation program, as (33).
Subsec. (a)(34). Pub. L. 111–240, § 1133(b), redesignated par. (35) as (34) and struck out former par. (34) which related to floor plan financing program.
Pub. L. 111–240, § 1133(a)(2), added par. (34).
Subsec. (a)(35). Pub. L. 111–240, § 1206(f), added par. (35).
Pub. L. 111–240, § 1133(b)(2), redesignated par. (35) as (34).
Subsec. (l). Pub. L. 111–240, § 1131(a), added subsec. (l) and struck out former subsec. (l) which read “[RESERVED]”.
Subsec. (m)(1)(B)(iii). Pub. L. 111–240, § 1113(1), substituted “$50,000” for “$35,000”.
Subsec. (m)(3)(B). Pub. L. 111–240, § 1401(c)(1)(A), struck out cl. (i) designation and heading, substituted “As” for “Subject to clause (ii), as”, and struck out cl. (ii) relating to waiver of non-Federal share.
Pub. L. 111–240, § 1401(a)(1), designated existing provisions as cl. (i) and inserted cl. (i) heading, substituted “Subject to clause (ii), as a condition” for “As a condition” and “the Administrator” for “the Administration”, and added cl. (ii).
Subsec. (m)(3)(C). Pub. L. 111–240, § 1113(2)(A), substituted “$5,000,000” for “$3,500,000”.
Subsec. (m)(3)(E). Pub. L. 111–240, § 1113(2)(B), substituted “$50,000” for “$35,000” in two places.
Subsec. (m)(4)(B). Pub. L. 111–240, § 1401(c)(1)(B), struck out cl. (i) designation and heading, substituted “As” for “Subject to clause (ii), as”, and struck out cl. (ii) relating to waiver of non-Federal share.
Pub. L. 111–240, § 1401(a)(2), designated existing provisions as cl. (i), inserted cl. (i) heading, substituted “Subject to clause (ii), as a condition of a grant made under subparagraph (A), the Administrator shall require” for “As a condition of any grant made under subparagraph (A), the Administration shall require”, and added cl. (ii).
Subsec. (m)(11)(B). Pub. L. 111–240, § 1113(3), substituted “$50,000” for “$35,000”.
2008—Subsec. (a)(32). Pub. L. 110–186, § 208, added par. (32) relating to increased veteran participation program.
Subsec. (b). Pub. L. 110–246, § 12078(c)(2), in concluding provisions substituted “paragraphs (1) and (2)” for “paragraphs (1), (2), and (4)” and “paragraph (1) (2)” for “paragraph (1), (2), or (4)”.
Pub. L. 110–246, § 12078(c)(1), substituted “the Administration” for “the, Administration” in introductory provisions.
Pub. L. 110–246, § 12068(b)(2)(B), which directed amendment of “the undesignated matter following paragraph (3)” by substituting “Notwithstanding any other provision of law, and except as provided in subsection (d), the interest rate on the Administration’s share of any loan made under subsection (b)” for “Notwithstanding the provisions of any other law the interest rate on the Administration’s share of any loan made under subsection (b) except as provided in subsection (c),” was executed by making the substitution for “Notwithstanding the provisions of any other law, the interest rate on the Administration’s share of any loan made under subsection (b), except as provided in subsection (c),” in concluding provisions after par. (6), to reflect the probable intent of Congress and the addition of pars. (4) to (6) by Pub. L. 110–246, §§ 12063(a), 12066(a). See below.
Pub. L. 110–246, § 12068(b)(2)(A), which directed amendment of “the undesignated matter following paragraph (3)” by substituting “That the provisions of paragraph (1) of subsection (d)” for “That the provisions of paragraph (1) of subsection (c)”, was executed by making the substitution in concluding provisions after par. (6), to reflect the probable intent of Congress and the addition of pars. (4) to (6) by Pub. L. 110–246, §§ 12063(a), 12066(a). See below.
Subsec. (b)(1)(A). Pub. L. 110–246, § 12078(b)(1), inserted “of the aggregate costs of such damage or destruction (whether or not compensated for by insurance or otherwise)” after “20 per centum”.
Subsec. (b)(2). Pub. L. 110–246, § 12061(a)(1), in introductory provisions inserted “, private nonprofit organization,” after “small business concern” and “, the organization,” after “the concern”.
Subsec. (b)(2)(A). Pub. L. 110–246, § 12063(c)(2), substituted “Robert T. Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5121 et seq.)” for “Disaster Relief and Emergency Assistance Act”.
Subsec. (b)(2)(D). Pub. L. 110–246, § 12061(a)(2), inserted “, private nonprofit organizations,” after “small business concerns”.
Subsec. (b)(3)(C). Pub. L. 110–186, § 201(a), substituted “1 year” for “90 days” and inserted at end “The Administrator may, when appropriate (as determined by the Administrator), extend the ending date specified in the preceding sentence by not more than 1 year.”
Subsec. (b)(3)(E). Pub. L. 110–246, § 12077, inserted “, or have become due to changed economic circumstances,” after “constitutes”.
Subsec. (b)(3)(G), (H). Pub. L. 110–186, §§ 203, 204, added subpars. (G) and (H).
Subsec. (b)(4), (5). Pub. L. 110–246, § 12063(a), added pars. (4) and (5).
Subsec. (b)(6). Pub. L. 110–246, § 12066(a), added par. (6).
Subsec. (b)(7). Pub. L. 110–246, § 12074(a), added par. (7).
Subsec. (b)(8). Pub. L. 110–246, § 12078(a), added par. (8).
Subsec. (b)(9). Pub. L. 110–246, § 12081, added par. (9).
Subsec. (b)(9)(C), (D). Pub. L. 110–246, § 12082, added subpars. (C) and (D).
Subsec. (c). Pub. L. 110–246, § 12083(a), added subsec. (c).
Pub. L. 110–246, § 12068(a)(1), redesignated subsec. (c) as (d).
Subsec. (c)(5)(C). Pub. L. 110–246, § 12061(b), inserted “, private nonprofit organization,” after “business”.
Subsec. (c)(6). Pub. L. 110–246, § 12065, substituted “$14,000 or less (or such higher amount as the Administrator determines appropriate in the event of a major disaster)” for “$10,000 or less”.
Subsecs. (d) to (f). Pub. L. 110–246, § 12068(a), redesignated subsecs. (c) and (d) as (d) and (e), respectively, and added subsec. (f).
Subsec. (g). Pub. L. 110–246, § 12070, added subsec. (g).
2007—Subsec. (a)(31)(F). Pub. L. 110–140, § 1201, added subpar. (F).
Subsec. (a)(32). Pub. L. 110–140, § 1202, added par. (32).
2006—Subsec. (b)(2). Pub. L. 109–163, § 845(a)(2)(A), in introductory provisions, inserted “(including drought), with respect to both farm-related and nonfarm-related small business concerns,” before “if the Administration”.
Subsec. (b)(2)(B). Pub. L. 109–163, § 845(a)(2)(B), substituted “section 1961 of title 7, in which case, assistance under this paragraph may be provided to farm-related and nonfarm-related small business concerns, subject to the other applicable requirements of this paragraph” for “the Consolidated Farmers Home Administration Act of 1961 (7 U.S.C. 1961)”.
Subsec. (b)(2)(D). Pub. L. 109–163, § 845(c), substituted “Not later than 30 days after the date of receipt of such certification by a Governor of a State, the Administration shall respond in writing to that Governor on its determination and the reasons therefore, and may” for “Upon receipt of such certification, the Administration may”.
2004—Subsec. (a)(3)(A). Pub. L. 108–447, § 103(a), substituted “$1,500,000” for “$1,000,000”.
Subsec. (a)(3)(B). Pub. L. 108–447, § 107(b), substituted “$1,750,000” for “$1,250,000” and “$1,250,000” for “$750,000”.
Subsec. (a)(16). Pub. L. 108–447, § 107(a), inserted heading and amended par. (16) generally. Prior to amendment, par. (16) provided that the Administration could guarantee loans to assist any eligible small business concern in an industry engaged in or adversely affected by international trade in the financing of the acquisition, construction, renovation, modernization, improvement or expansion of productive facilities or equipment to be used in the United States in the production of goods and services involved in international trade.
Subsec. (a)(18)(A). Pub. L. 108–447, § 102(a), amended heading and text of subpar. (A) generally. Prior to amendment, text read as follows: “With respect to each loan guaranteed under this subsection (other than a loan that is repayable in 1 year or less), the Administration shall collect a guarantee fee, which shall be payable by the participating lender, and may be charged to the borrower, as follows:
“(i) A guarantee fee equal to 2 percent of the deferred participation share of a total loan amount that is not more than $150,000.
“(ii) A guarantee fee equal to 3 percent of the deferred participation share of a total loan amount that is more than $150,000, but not more than $700,000.
“(iii) A guarantee fee equal to 3.5 percent of the deferred participation share of a total loan amount that is more than $700,000.”
Subsec. (a)(18)(C). Pub. L. 108–447, § 102(b), struck out heading and text of subpar. (C). Text read as follows: “With respect to loans approved during the 2-year period beginning on
“(i) A guarantee fee equal to 1 percent of the deferred participation share of a total loan amount that is not more than $150,000.
“(ii) A guarantee fee equal to 2.5 percent of the deferred participation share of a total loan amount that is more than $150,000, but not more than $700,000.
“(iii) A guarantee fee equal to 3.5 percent of the deferred participation share of a total loan amount that is more than $700,000.”
Subsec. (a)(23). Pub. L. 108–447, § 102(c)(1), substituted “Yearly” for “Annual” in heading.
Subsec. (a)(23)(A). Pub. L. 108–447, § 102(c)(2), added subpar. (A) and struck out heading and text of former subpar. (A). Text read as follows: “With respect to each loan guaranteed under this subsection, the Administration shall, in accordance with such terms and procedures as the Administration shall establish by regulation, assess and collect an annual fee in an amount equal to 0.5 percent of the outstanding balance of the deferred participation share of the loan. With respect to loans approved during the 2-year period beginning on
Subsec. (a)(23)(B). Pub. L. 108–447, § 102(c)(3), substituted “yearly” for “annual”.
Subsec. (a)(23)(C). Pub. L. 108–447, § 102(c)(4), added subpar. (C).
Subsec. (a)(31). Pub. L. 108–447, § 101(a), added par. (31).
2001—Subsec. (a)(18)(C). Pub. L. 107–100, § 6(a)(1), added subpar. (C).
Subsec. (a)(23)(A). Pub. L. 107–100, § 6(a)(2), inserted at end “With respect to loans approved during the 2-year period beginning on
2000—Subsec. (a)(2)(A)(i). Pub. L. 106–554, § 1(a)(9) [title II, § 202(1)], substituted “$150,000” for “$100,000”.
Subsec. (a)(2)(A)(ii). Pub. L. 106–554, § 1(a)(9) [title II, § 202(2)], substituted “85 percent” for “80 percent” and “$150,000” for “$100,000”.
Subsec. (a)(3)(A). Pub. L. 106–554, § 1(a)(9) [title II, § 203], substituted “$1,000,000 (or if the gross loan amount would exceed $2,000,000),” for “$750,000,”.
Subsec. (a)(4). Pub. L. 106–554, § 1(a)(9) [title II, § 205(1)], inserted heading and struck out former heading “Interest rates and fees.—”.
Subsec. (a)(4)(B)(iii). Pub. L. 106–554, § 1(a)(9) [title II, § 204], added cl. (iii).
Subsec. (a)(4)(C). Pub. L. 106–554, § 1(a)(9) [title II, § 205(2)], added subpar. (C).
Subsec. (a)(18). Pub. L. 106–554, § 1(a)(9) [title II, § 206], amended heading and text of par. (18) generally, substituting present provisions for provisions which had authorized guarantee fee in an amount equal to sum of 3 percent of amount of deferred participation share of loan that was less than or equal to $250,000, if deferred participation share of loan exceeded $250,000, plus 3.5 percent of difference between $500,000 or total deferred participation share of loan, whichever was less, and $250,000, plus, if deferred participation share of loan exceeded $500,000, 3.875 percent of difference between total deferred participation share of loan and $500,000, and set forth provisions relating to exception for certain loans.
Subsec. (a)(28). Pub. L. 106–554, § 1(a)(9) [title II, § 207], added par. (28).
Subsec. (a)(29). Pub. L. 106–554, § 1(a)(9) [title II, § 208(a)], added par. (29).
Subsec. (a)(30). Pub. L. 106–554, § 1(a)(9) [title VIII, § 802(a)], added par. (30).
Subsec. (m)(1)(A)(iii)(I). Pub. L. 106–554, § 1(a)(9) [title II, § 210(a)(2)], substituted “$10,000” for “$7,500”.
Subsec. (m)(1)(B)(iii). Pub. L. 106–554, § 1(a)(9) [title II, § 210(a)(1)], substituted “$35,000” for “$25,000”.
Subsec. (m)(3)(A)(ii). Pub. L. 106–554, § 1(a)(9) [title II, § 210(a)(2)], substituted “$10,000” for “$7,500”.
Subsec. (m)(3)(E). Pub. L. 106–554, § 1(a)(9) [title II, § 210(a)(1), (3)], substituted “$20,000” for “$15,000” and “$35,000” for “$25,000” in two places.
Subsec. (m)(4)(C)(i). Pub. L. 106–554, § 1(a)(9) [title II, § 210(a)(2)], which directed the amendment of subsec. (m)(4)(C)(i)(II) by substituting “$10,000” for “$7,500”, was executed by making the substitution in subsec. (m)(4)(C)(i) to reflect the probable intent of Congress and the termination of the temporary amendment by Pub. L. 103–403, § 208(a)(2), (c). See 1994 Amendment note and Effective and Termination Dates of 1994 Amendment note below.
Subsec. (m)(5)(A). Pub. L. 106–554, § 1(a)(9) [title II, § 210(a)(4)], substituted “55 grants” for “25 grants” and “$200,000” for “$125,000”.
Subsec. (m)(6)(B). Pub. L. 106–554, § 1(a)(9) [title II, § 210(a)(5)], substituted “$15,000” for “$10,000”.
Subsec. (m)(7)(A). Pub. L. 106–554, § 1(a)(9) [title II, § 210(a)(6)], added subpar. (A) and struck out heading and text of former subpar. (A). Text read as follows: “During the program authorized by this subsection, the Administration may fund, on a competitive basis, not more than 200 microloan programs.”
Subsec. (m)(11)(B). Pub. L. 106–554, § 1(a)(9) [title II, § 210(b)], substituted “$35,000” for “$25,000”.
1999—Subsec. (a)(10). Pub. L. 106–50, § 401(b), inserted “guaranteed” after “provide” and “, including service-disabled veterans,” after “handicapped individual”.
Subsec. (a)(21)(A)(ii). Pub. L. 106–50, § 404, inserted “or a veteran” after “qualified individual”.
Subsec. (a)(27). Pub. L. 106–8, § 3(a), (c), temporarily added par. (27) relating to Year 2000 computer problem program. See Effective and Termination Dates of 1999 Amendments note below.
Subsec. (b)(1)(C). Pub. L. 106–24, § 1(a), added subpar. (C).
Subsec. (b)(3). Pub. L. 106–50, § 402(b), added par. (3).
Subsec. (m)(1)(A)(i). Pub. L. 106–50, § 403, inserted “veteran (within the meaning of such term under section 632(q) of this title),” after “low-income,”.
Subsec. (m)(3)(D). Pub. L. 106–22, § 3, struck out subpar. (D) heading and amended text generally. Prior to amendment, text read as follows: “The Administration shall, by regulation, require each intermediary to establish a loan loss reserve fund, and to maintain such reserve fund until all obligations owed to the Administration under this subsection are repaid. The Administration shall require the loan loss reserve fund to be maintained—
“(i) during the initial 5 years of the intermediary’s participation in the program under this subsection, at a level equal to not more than 15 percent of the outstanding balance of the notes receivable owed to the intermediary; and
“(ii) in each year of participation thereafter, at a level equal to not more than the greater of—
“(I) 2 times an amount reflecting the total losses of the intermediary as a result of participation in the program under this subsection, as determined by the Administrator on a case-by-case basis; or
“(II) 10 percent of the outstanding balance of the notes receivable owed to the intermediary.”
Subsec. (m)(7)(B). Pub. L. 106–22, § 2(1), added subpar. (B) and struck out heading and text of former subpar. (B). Text read as follows: “During any fiscal year, a State shall not receive new loan funds from the Administration that exceed 125 percent of the State’s pro rata share of the microloan program authorization during such fiscal year, such share to be based on the population of the State, as compared to the total population of the United States. If, however, at the beginning of the fourth quarter of a fiscal year the Administration determines that a portion of appropriated microloan funds are unlikely to be awarded during that year, the Administration may make additional funds available to a State in excess of 125 percent of the pro rata share of that State.”
Subsec. (m)(8). Pub. L. 106–22, § 2(2), inserted “and providing funding to intermediaries” after “program applicants” and “and provide funding to” after “shall select”.
Subsec. (n). Pub. L. 106–50, § 402(a), added subsec. (n).
1998—Subsec. (j)(13)(E). Pub. L. 105–277, § 101(f) [title VIII, § 405(f)(9)], struck out “the Job Training Partnership Act or” before “title I of the Workforce” in introductory provisions.
Pub. L. 105–277, § 101(f) [title VIII, § 405(d)(10)], substituted “the Job Training Partnership Act or title I of the Workforce Investment Act of 1998” for “the Job Training Partnership Act (29 U.S.C. 1501 et seq.)”.
1997—Subsec. (a). Pub. L. 105–135, § 231(1), inserted heading.
Subsec. (a)(1). Pub. L. 105–135, § 231(2), inserted heading, designated existing provisions as subpar. (A) and inserted heading, and added subpar. (B).
Subsec. (a)(8). Pub. L. 105–135, § 706, added par. (8).
Subsec. (m). Pub. L. 105–135, § 201(c), struck out “Demonstration” and “demonstration” wherever appearing in heading and text.
Subsec. (m)(1)(A)(iv). Pub. L. 105–135, § 202(a)(1), added cl. (iv).
Subsec. (m)(3)(C). Pub. L. 105–135, § 201(a), substituted “$3,500,000” for “$2,500,000”.
Subsec. (m)(3)(D)(i), (ii). Pub. L. 105–135, § 201(b), added cls. (i) and (ii) and struck out former cls. (i) and (ii) which read as follows:
“(i) in the first year of the intermediary’s participation in the demonstration program, at a level equal to not more than 15 percent of the outstanding balance of the notes receivable owed to the intermediary; and
“(ii) in each year of participation thereafter, at a level reflecting the intermediary’s total losses as a result of participation in the demonstration program, as determined by the Administration on a case-by-case basis, but in no case shall the required level exceed 15 percent of the outstanding balance of the notes receivable owed to the intermediary under the program.”
Subsec. (m)(4)(E). Pub. L. 105–135, § 201(d)(1), designated existing provisions as cl. (i), inserted heading, substituted “25 percent” for “15 percent”, and added cl. (ii).
Subsec. (m)(4)(F). Pub. L. 105–135, § 202(a)(2), added subpar. (F).
Subsec. (m)(5)(A). Pub. L. 105–135, § 201(d)(2), struck out “in each of the 5 years of the demonstration program established under this subsection,” after “requirements of subparagraph (B),” and substituted “annually” for “for terms of up to 5 years”.
Subsec. (m)(6)(E). Pub. L. 105–135, § 202(a)(3), added subpar. (E).
Subsec. (m)(9). Pub. L. 105–135, § 202(a)(4)(A), substituted “Grants for management, marketing, technical assistance, and related services” for “Technical assistance for intermediaries” in heading.
Subsec. (m)(9)(C). Pub. L. 105–135, § 202(a)(4)(B), added subpar. (C).
Subsec. (m)(12). Pub. L. 105–135, § 201(c)(4), substituted “1998 through 2000” for “1995 through 1997”.
Subsec. (m)(13). Pub. L. 105–135, § 202(a)(5), added par. (13).
1996—Subsec. (a)(2)(C)(ii)(II). Pub. L. 104–208, § 103(a), amended subcl. (II) generally. Prior to amendment, subcl. (II) read as follows: “authority to service and liquidate such loans.”
Subsec. (a)(2)(D). Pub. L. 104–208, § 111, added subpar. (D).
Subsec. (a)(4). Pub. L. 104–208, § 103(f), inserted par. (4) heading, designated existing text as subpar. (A) and inserted heading, and added subpar. (B).
Subsec. (a)(19)(C). Pub. L. 104–208, § 103(b), added subpar. (C).
Subsec. (a)(25). Pub. L. 104–208, § 103(c), added par. (25).
Subsec. (a)(26). Pub. L. 104–208, § 103(d), added par. (26).
Subsec. (d). Pub. L. 104–208, § 107(a), struck out “(1)” before “The Administration” and struck out par. (2) which read as follows: “The Administration is authorized to hold seminars throughout the Nation to make potential applicants aware of the opportunities available under this subsection and related government energy programs, and to make grants to qualified organizations to provide training seminars for small business concerns regarding practical and easily implemented methods for design, manufacture, installation, and servicing of equipment and for providing services listed in paragraph (1) of this subsection, except that recipients of loans made pursuant to this subsection shall not subsequently be eligible for such grants.”
Subsec. (e). Pub. L. 104–208, § 107(b), amended subsec. (e) generally, substituting “(e) [RESERVED]” for prior provisions of subsec. (e) which read as follows: “The Administration also is empowered to make loans (either directly or in cooperation with banks or other lenders through agreements to participate on an immediate or deferred basis) to assist any firm to adjust to changed economic conditions resulting from increased competition from imported articles, but only if (1) an adjustment proposal of such firm has been certified by the Secretary of Commerce pursuant to the Trade Expansion Act of 1962, (2) the Secretary has referred such proposal to the Administration under that Act and the loan would provide part or all of the financial assistance necessary to carry out such proposal, and (3) the Secretary’s certification is in force at the time the Administration makes the loan. With respect to loans made under this subsection the Administration shall apply the provisions of sections 314, 315, 316, 318, 319, and 320 of the Trade Expansion Act of 1962 as though such loans had been made under section 314 of that Act.”
Subsec. (f). Pub. L. 104–208, § 107(c), amended subsec. (f) generally, substituting “(f) [RESERVED]” for prior provisions of subsec. (f) which read as follows: “In the administration of the disaster loan program under subsection (b)(1) of this section, in the case of property loss or damage as a result of a disaster which is a ‘major disaster’ as defined in section 102(2) of the Disaster Relief and Emergency Assistance Act, the Small Business Administration, to the extent such loss or damage is not compensated for by insurance or otherwise, may lend to a privately owned college or university without regard to whether the required financial assistance is otherwise available from private sources, and may waive interest payments and defer principal payments on such a loan for the first three years of the term of the loan.”
Subsec. (l). Pub. L. 104–208, § 107(c), amended subsec. (l) generally, substituting “(l) [RESERVED]” for prior provisions of subsec. (l) which consisted of 9 pars. authorizing loans to small business concerns for solar energy and energy conservation measures.
Subsec. (m)(7)(B). Pub. L. 104–208, § 105, inserted at end “If, however, at the beginning of the fourth quarter of a fiscal year the Administration determines that a portion of appropriated microloan funds are unlikely to be awarded during that year, the Administration may make additional funds available to a State in excess of 125 percent of the pro rata share of that State.”
1995—Subsec. (a)(2). Pub. L. 104–36, § 2, amended par. (2) generally. Prior to amendment, par. (2) related to percentage levels in loan participation agreements.
Subsec. (a)(18). Pub. L. 104–36, § 3(a), amended par. (18) generally. Prior to amendment, par. (18) read as follows: “The Administration shall collect a guarantee fee equal to two percent of the amount of the deferred participation share of any loan under this subsection other than a loan repayable in one year or less. The fee shall be payable by the participating lending institution and may be charged to the borrower.”
Subsec. (a)(19)(B). Pub. L. 104–36, § 3(b)(1), substituted “shall develop” for “shall (i) develop” and struck out at end “, and (ii) allow such lenders to retain one-half of the fee collected pursuant to subsection (a)(18) of this section on such loans. A participating lender may not retain any fee pursuant to this paragraph if the amount committed and outstanding to the applicant would exceed $50,000 unless the amount in excess of $50,000 is an amount not approved under the provisions of this paragraph”.
Subsec. (a)(19)(C). Pub. L. 104–36, § 3(b)(2), struck out subpar. (C) which read as follows: “In order to encourage lending institutions and other entities making loans authorized under this subsection to provide loans to small business loan applicants located in rural areas, such lenders shall be permitted to retain one-half of the fee collected pursuant to paragraph (18) on loans of less than $75,000. A participating lender may not retain any fee pursuant to this subparagraph if the amount committed and outstanding to the applicant would exceed $75,000 unless the amount in excess of $75,000 is an amount not approved under the provisions of this subparagraph. This subparagraph shall cease to be effective on
Subsec. (a)(23). Pub. L. 104–36, § 4(a), added par. (23).
Subsec. (a)(24). Pub. L. 104–36, § 5, added par. (24).
1994—Subsec. (a)(2)(B)(iv). Pub. L. 103–403, § 211, amended cl. (iv) generally. Prior to amendment, cl. (iv) read as follows: “not less than 85 percent of the financing outstanding at the time of disbursement if such financing is a loan under paragraph (16).”
Subsec. (a)(3)(B). Pub. L. 103–403, § 210, amended subpar. (B) generally. Prior to amendment, subpar. (B) read as follows: “if the total amount outstanding and committed (on a deferred basis) solely for the purposes provided in paragraph (16) to the borrower from the business loan and investment fund established by this chapter would exceed $1,000,000, such amount to be in addition to any financing solely for working capital, supplies, or revolving lines of credit for export purposes up to a maximum of $250,000; and”.
Subsec. (a)(14)(A). Pub. L. 103–403, § 209, amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “The Administration under this subsection may provide extensions and revolving lines of credit for export purposes and financing to enable small business concerns, including small business export trading companies and small business export management companies, to develop foreign markets. No such extension or revolving line of credit may be made for a period or periods exceeding 3 years. A bank or participating lending institution may establish the rate of interest on extensions and revolving lines of credit as may be legal and reasonable.”
Subsec. (a)(21)(A). Pub. L. 103–403, § 605(a), inserted “on a guaranteed basis” before “under the authority”.
Subsec. (a)(21)(E). Pub. L. 103–403, § 603, added subpar. (E).
Subsec. (m)(3)(C). Pub. L. 103–403, § 206, substituted “$2,500,000” for “$1,250,000”.
Subsec. (m)(4)(B). Pub. L. 103–403, § 208(a)(1), (c), temporarily inserted “except for a grant made to an intermediary that provides not less than 50 percent of its loans to small business concerns located in or owned by one or more residents of an economically distressed area,” after “under subparagraph (A),”. See Effective and Termination Dates of 1994 Amendment note below.
Subsec. (m)(4)(C)(i). Pub. L. 103–403, § 208(a)(2), (c), temporarily added cl. (i) which read as follows: “In addition to grants made under subparagraph (A), each intermediary shall be eligible to receive a grant equal to 5 percent of the total outstanding balance of loans made to the intermediary under this subsection if—
“(I) the intermediary provides not less than 25 percent of its loans to small business concerns located in or owned by one or more residents of an economically distressed area; or
“(II) the intermediary has a portfolio of loans made under this subsection that averages not more than $7,500 during the period of the intermediary’s participation in the program.”
See Effective and Termination Dates of 1994 Amendment note below.
Subsec. (m)(4)(E). Pub. L. 103–403, § 207, added subpar. (E).
Subsec. (m)(7). Pub. L. 103–403, § 204, amended par. (7) generally, substituting present provisions for former provisions relating to program funding, which provided for: in subpar. (A), first year programs; in subpar. (B), expanded programs; and in subpar. (C), State limitations.
Subsec. (m)(8). Pub. L. 103–403, § 205, amended heading and text of par. (8) generally. Prior to amendment, text read as follows: “In funding microloan programs, the Administration shall ensure that at least one-half of the programs funded under this subsection will provide microloans to small business concerns located in rural areas.”
Subsec. (m)(9)(B). Pub. L. 103–403, § 604, inserted “and loan guarantees” after “for loans” and “and national and regional nonprofit organizations that have demonstrated experience in providing training support for microenterprise development and financing.” after “experienced microlending organizations”.
Subsec. (m)(11)(A)(v). Pub. L. 103–403, § 202, added cl. (v).
Subsec. (m)(11)(D). Pub. L. 103–403, § 208(b), (c), temporarily added subpar. (D) which read as follows: “the term ‘economically distressed area’, as used in paragraph (4), means a county or equivalent division of local government of a State in which the small business concern is located, in which, according to the most recent data available from the Bureau of the Census, Department of Commerce, not less than 40 percent of residents have an annual income that is at or below the poverty level.”. See Effective and Termination Dates of 1994 Amendment note below.
Subsec. (m)(12). Pub. L. 103–403, § 201, added par. (12).
1993—Subsec. (a)(2). Pub. L. 103–81, § 5(a)(2)–(4), in concluding provisions, substituted “less than the above specified percentums” for “less than 85 percent under subparagraph (B)” and “not less than 70 percent, unless a lesser percent is required by clause (B)(ii) or upon the” for “not less than 80 percent, except upon” and inserted after third sentence “The maximum interest rate for a loan guaranteed under the Preferred Lenders Program shall not exceed the maximum interest rate, as determined by the Administration, which is made applicable to other loan guarantees under subsection (a) of this section.”
Subsec. (a)(2)(B). Pub. L. 103–81, § 5(a)(1), struck out “and” at end of cl. (i), added cls. (ii) and (iii), and redesignated former cl. (ii) as (iv).
Subsec. (a)(22). Pub. L. 103–81, § 4, added par. (22).
Subsec. (m)(1)(B)(iii). Pub. L. 103–81, § 8(1), substituted “$25,000” for “$15,000”.
Subsec. (m)(5)(A). Pub. L. 103–81, § 8(2), substituted “25 grants for terms of up to 5 years” for “6 grants”.
Subsec. (m)(9)(B). Pub. L. 103–81, § 8(3), substituted “7 percent” for “3 percent”.
1992—Subsec. (a)(4). Pub. L. 102–366, § 104, substituted “Notwithstanding the provisions of the constitution of any State or the laws of any State limiting the rate or amount of interest which may be charged, taken, received, or reserved, the maximum legal rate of interest on any financing made on a deferred basis pursuant to this subsection” for “The rate of interest on financings made on a deferred basis shall be legal and reasonable but”.
Subsec. (a)(21). Pub. L. 102–366, § 211, added par. (21).
Subsec. (m)(1)(A)(i). Pub. L. 102–366, § 113(a)(1)(A), amended cl. (i) generally, substituting “and business owners and other such individuals” for “, business owners, and other individuals”.
Subsec. (m)(1)(A)(iii)(I). Pub. L. 102–366, § 113(a)(1)(B), inserted “, particularly loans in amounts averaging not more than $7,500,” after “small-scale loans”.
Subsec. (m)(3)(A). Pub. L. 102–366, § 113(a)(2), designated existing provisions as cl. (i) and inserted heading, redesignated cls. (i) to (viii) as subcls. (I) to (VIII), respectively, substituted “economic, poverty, and unemployment” for “economic and unemployment” in subcl. (III), amended subcl. (VIII) generally, and added cl. (ii). Prior to amendment, subcl. (VIII) read as follows: “any plan to involve private sector lenders in assisting selected small business concerns.”
Subsec. (m)(3)(F). Pub. L. 102–366, § 113(a)(3), amended subpar. (F) generally. Prior to amendment, subpar. (F) read as follows: “Loans made by the Administration under this subsection shall be for a term of 10 years and at an interest rate equal to the rate determined by the Secretary of the Treasury for obligations of the United States with a period of maturity of 5 years, adjusted to the nearest one-eighth of 1 percent.”
Subsec. (m)(4)(A). Pub. L. 102–366, § 113(a)(4)(B), added subpar. (A) and struck out former subpar. (A) which read as follows: “Except as otherwise provided in subparagraph (C) and subject to the requirements of subparagraph (B), each intermediary that receives a loan under subparagraph (B)(i) of paragraph (1) shall be eligible to receive a grant to provide marketing, management, and technical assistance to small business concerns that are borrowers under this subsection. In the first and second years of an intermediary’s program participation, each intermediary meeting the requirement of subparagraph (B) may receive a grant of not more than 20 percent of the total outstanding balance of loans made to it under this subsection. In the third and subsequent years of an intermediary’s program participation, each intermediary meeting the requirements of subparagraph (B) may receive a grant of not more than 10 percent of the total outstanding balance of loans made to it under this subsection.”
Pub. L. 102–366, § 113(a)(4)(A), substituted “Except as otherwise provided in subparagraph (C) and subject to” for “Subject to”.
Subsec. (m)(4)(B). Pub. L. 102–366, § 113(a)(4)(C), substituted “25 percent” for “one-half”.
Subsec. (m)(4)(C), (D). Pub. L. 102–366, § 113(a)(4)(D), added subpars. (C) and (D).
Subsec. (m)(5)(A). Pub. L. 102–366, § 113(a)(5), substituted “6 grants” for “2 grants”.
Subsec. (m)(6)(C). Pub. L. 102–366, § 113(a)(6), amended subpar. (C) generally. Prior to amendment, subpar. (C) read as follows: “Notwithstanding any provision of the laws of any State or the constitution of any State pertaining to the rate or amount of interest that may be charged, taken, received or reserved on a loan, the maximum rate of interest to be charged on a microloan funded under this subsection shall be not more than 4 percentage points above the prime lending rate, as identified by the Administration and published in the Federal Register on a quarterly basis.”
Subsec. (m)(7)(A). Pub. L. 102–564, § 307(b)(1), inserted at end: “If, at the end of fiscal year 1992, the Administration has funded less than 50 microloan programs under this subparagraph, the Administration may, in fiscal year 1993, fund a number of additional microloan programs equal to the difference between 50 and the number of microloan programs actually funded in fiscal year 1992.”
Pub. L. 102–366, § 113(a)(7)(A), substituted “60 microloan programs” for “35 microloan programs”.
Subsec. (m)(7)(B). Pub. L. 102–564, § 307(b)(2), substituted “In addition to any microloan programs authorized to be funded in fiscal year 1993 in accordance with subparagraph (A), in the second” for “In the second”.
Pub. L. 102–366, § 113(a)(7)(B), substituted “50 additional” for “25 additional”.
Subsec. (m)(7)(C)(i). Pub. L. 102–366, § 113(a)(7)(C), amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “be awarded more than 2 microloan programs in any year of the demonstration program;”.
Subsec. (m)(7)(C)(ii), (iii). Pub. L. 102–366, § 113(a)(7)(D), (E), substituted “$1,500,000” for “$1,000,000” in cl. (ii) and “$2,500,000” for “$1,500,000” in cl. (iii).
Subsec. (m)(9), (10). Pub. L. 102–366, § 113(a)(8), (9), added par. (9) and redesignated former par. (9) as (10). Former par. (10) redesignated (11).
Subsec. (m)(11). Pub. L. 102–564, § 307(c), inserted “private,” before “nonprofit” in subpar. (A)(ii).
Pub. L. 102–366, § 113(a)(8), (10), redesignated par. (10) as (11) and amended subpar. (A) generally. Prior to amendment, subpar. (A) read as follows: “the term ‘intermediary’ means a private, nonprofit entity or a nonprofit community development corporation that seeks to borrow or has borrowed funds from the Small Business Administration to make microloans to small business concerns under this subsection;”.
1991—Subsec. (a)(18). Pub. L. 102–140, § 609(b), struck out “or a loan under paragraph (13)” after “one year or less”.
Subsec. (a)(19)(B). Pub. L. 102–191 struck out “during fiscal years 1989, 1990, and 1991,” after “small business loan applicants,”.
Subsec. (m). Pub. L. 102–140, § 609(h), added subsec. (m).
1990—Subsec. (a)(14)(A). Pub. L. 101–574, § 202, struck out “pre-export” before “financing” and substituted “3 years” for “18 months”.
Subsec. (a)(16)(A). Pub. L. 101–574, § 245, struck out at end “The lender shall agree to sell the loan in the secondary market as authorized in sections 634(f) and 634(g) of this title within 180 days of the date of disbursement.”
Subsec. (a)(19)(C). Pub. L. 101–574, § 307, added subpar. (C).
Subsec. (j)(3)(A). Pub. L. 101–574, § 242(1), struck out subpar. (A), which was previously struck out by Pub. L. 100–656, § 505(h). See 1988 Amendment note below.
Subsec. (j)(3)(B). Pub. L. 101–574, § 242(1), struck out subpar. (B) which read as follows: “The General Accounting Office shall evaluate the activities taken by the Administration to achieve the purpose of this paragraph and evaluate the success of these activities in achieving the purposes of this paragraph. The General Accounting Office shall report to the Congress by
Subsec. (j)(8). Pub. L. 101–574, § 242(2), struck out par. (8) which read as follows: “The General Accounting Office shall provide for an independent and continuing evaluation of programs under subsections (i) and (j) of this section and section 637(a) of this title, including full information on, and analysis of, the character and impact of managerial assistance provided, the location, income characteristics, and extent to which private resources and skills have been involved in these programs. Such evaluation together with any recommendations deemed advisable by the Comptroller General shall be reported to the Congress by
Subsec. (j)(10)(J)(ii). Pub. L. 101–574, § 204(a), amended cl. (ii) generally. Prior to amendment, cl. (ii) read as follows: “Except as provided under section 602 of the Business Opportunity Development Reform Act of 1988, no award shall be made pursuant to section 637(a) of this title to other than a small business concern.”
Subsec. (j)(13)(D)(iii). Pub. L. 101–574, § 206, substituted “
1989—Subsec. (a)(2). Pub. L. 101–162, title V, (1), amended par. (2) generally. Prior to amendment, par. (2) read as follows: “In agreements to participate in loans on a deferred basis under this subsection, such participation by the Administration, except as provided in paragraph (6), shall be:
“(A) not less than 90 per centum of the balance of the financing outstanding at the time of disbursement if such financing does not exceed $155,000; and
“(B) subject to the limitation in paragraph (3)—
“(i) not less than 70 per centum nor more than 85 per centum of the financing outstanding at the time of disbursement if such financing exceeds $155,000 but is less than $714,285,
“(ii) less than 70 per centum of the financing outstanding at the time of disbursement if such financing exceeds $714,285;
“(iii) not less than 85 per centum of the financing outstanding at the time of disbursement if such financing is a loan under paragraph (16) and is less than $1,176,470; and
“(iv) less than 85 per centum of the financing outstanding at the time of disbursement if such financing is a loan under paragraph (16) and exceeds $1,176,470;
Subsec. (a)(19). Pub. L. 101–162, title V, (2), amended par. (19) generally. Prior to amendment, par. (19) read as follows: “During fiscal years 1989, 1990, and 1991, in addition to the preferred lenders program authorized by the proviso in section 634(b)(7) of this title, the Administration is authorized to establish a certified loan program for lenders who establish their knowledge of Administration laws and regulations concerning the loan guarantees program and their proficiency in program requirements. In order to encourage certified lenders and preferred lenders to provide loans of $50,000 or less in guarantees to eligible small business loan applicants, the Administration (A) shall develop and shall allow participating lenders in the certified loan program and in the preferred loan program to solely utilize a uniform and simplified loan form for such loans and (B) shall allow such lenders to retain one-half of the fee collected pursuant to subsection (a)(16) of this section on such loans: Provided, That a participating lender may not retain any fee pursuant to this paragraph if the amount committed and outstanding to the applicant would exceed $50,000 unless such excess amount was not approved under the provisions of this paragraph. The designation of a lender as a certified lender shall be suspended or revoked at any time that the Administration determines that the lender is not adhering to its rules and regulations or if the Administration determines that the loss experience of the lender is excessive as compared to other lenders: Provided further, That any suspension or revocation of the designation shall not affect any outstanding guarantee: And, provided further, That the Administration may not reduce the per centum of guarantee as a criterion of eligibility for participation in this program, except as otherwise provided by law.”
Subsec. (a)(20)(C)(iv). Pub. L. 101–37, § 9, inserted “is” before “amortized”.
Subsec. (j)(10)(A)(i). Pub. L. 101–37, § 5(a), substituted “which set forth” for “which sets forth”.
Subsec. (j)(10)(D)(i). Pub. L. 101–37, § 5(b)(1), substituted “Business Opportunity Specialist” for “business opportunity specialist”.
Subsec. (j)(10)(D)(ii)(II). Pub. L. 101–37, § 5(b)(2), substituted “the small business concern” for “small business concerns”.
Subsec. (j)(10)(D)(iii). Pub. L. 101–37, § 5(b)(3), inserted “relating to attaining business activity from sources other than contracts awarded pursuant to section 637(a) of this title” after “subparagraph (I)”.
Subsec. (j)(10)(D)(iv). Pub. L. 101–37, § 5(b)(4), substituted “contract awards” for “contact awards”.
Subsec. (j)(10)(D)(iv)(I). Pub. L. 101–37, § 5(b)(5), inserted “relating to attaining business activity from sources other than contracts awarded pursuant to section 637(a) of this title” after “subparagraph (I)”.
Subsec. (j)(10)(E)(ii). Pub. L. 101–37, § 7(a)(1), substituted “completes the period of Program participation as prescribed by paragraph (15)” for “participates in the Program for a period in excess of the time limits prescribed by paragraph (15)”.
Subsec. (j)(10)(F). Pub. L. 101–37, § 7(a)(2), struck out subpar. (F) appearing first, which read as follows: “For the purposes of this subsection and section 637(a) of this title, the terms ‘terminated’ or ‘termination’ shall mean the total denial”.
Pub. L. 101–37, § 7(a)(3), in subpar. (F) appearing second, inserted first sentence and struck out former first sentence which read as follows: “For the purposes of this chapter, this subsection and section 637(a) of this title, the terms ‘terminated’ or ‘termination’ shall mean the total denial or suspension of assistance provided pursuant to this paragraph or section 637(a) of this title prior to the graduation of the participating small business concern pursuant to subparagraph (H) or the expiration of the maximum program participation in terms prescribed by paragraph (15).”
Subsec. (j)(10)(I). Pub. L. 101–37, § 10(b), designated as subpar. (I) the undesignated subpar. which followed subpar. (H).
Pub. L. 101–37, § 10(a), made technical correction to directory language of Pub. L. 100–656, § 303(a), see 1988 Amendment note below.
Subsec. (j)(10)(J)(i). Pub. L. 101–37, § 6(a), substituted “suspended” for “suspended or terminated”.
Subsec. (j)(11)(B). Pub. L. 101–37, § 4(1), added subpar. (B) and struck out former subpar. (B) which read as follows: “Except as provided in section 602(d) of the Business Opportunity Development Reform Act of 1988, any individual upon whom eligibility is based pursuant to section 637(a)(4) of this title, shall be permitted to assert such eligibility for only one small business concern. Notwithstanding the provisions of the preceding sentence, no individual who was determined pursuant to section 637(a) of this title to be socially and economically disadvantaged before
Subsec. (j)(11)(E). Pub. L. 101–37, § 4(2), (3), substituted “Office of Minority Small Business” for “Office of the Associate Administrator for Minority Small Business” and “the Associate Administrator for Minority Small Business and Capital Ownership Development” for “such Associate Administrator”.
Subsec. (j)(11)(F)(v). Pub. L. 101–37, § 4(4), substituted “to the Associate Administrator” for “with the Associate Administrator”.
Subsec. (j)(11)(F)(vi). Pub. L. 101–37, § 4(5), added cl. (vi) and struck out former cl. (vi) which read as follows: “decide protests from applicants that have been denied program admission;”.
Subsec. (j)(11)(F)(viii). Pub. L. 101–37, § 4(6), substituted “subparagraph (I)” for “subparagraph (H)”.
Subsec. (j)(11)(G)(ii). Pub. L. 101–37, § 4(7), substituted “Participants” for “participants”.
Subsec. (j)(11)(H), (I). Pub. L. 101–37, § 4(9), added subpar. (H) and redesignated former subpar. (H) as (I).
Subsec. (j)(12)(A). Pub. L. 101–37, § 8(a)(1), substituted “developmental” for “development”.
Subsec. (j)(12)(B). Pub. L. 101–37, § 8(a)(2), inserted “in its effort” after “to assist the concern”.
Subsec. (j)(13)(E). Pub. L. 101–37, § 8(b), inserted second sentence and struck out former second sentence which read as follows: “Such financial assistance may be made without regard to section 647(a) of this title, shall be made by way of reimbursement to the training provider, and shall have such adjustments as may be necessary to provide for overpayments or underpayments.”
1988—Subsec. (a)(2). Pub. L. 100–590, § 103, inserted “, but any such reduction shall not exceed five points” after “any successor thereto” in second proviso.
Subsec. (a)(2)(B)(iii), (iv). Pub. L. 100–418, § 8007(a)(1), added cls. (iii) and (iv).
Subsec. (a)(3). Pub. L. 100–418, § 8007(a)(2), amended par. (3) generally. Prior to amendment, par. (3) read as follows: “No loan under this subsection shall be made if the total amount outstanding and committed (by participation or otherwise) to the borrower from the business loan and investment fund established by this chapter would exceed $500,000: Provided, That no such loan made or effected either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate basis shall exceed $350,000.”
Subsec. (a)(12). Pub. L. 100–590, § 111(c), designated existing provisions as subpar. (A) and added subpar. (b)[(B)].
Subsec. (a)(14). Pub. L. 100–418, § 8005, amended par. (14) generally. Prior to amendment, par. (14) read as follows: “The Administration under this subsection may provide extensions and revolving lines of credit for export purposes to enable small business concerns to develop foreign markets and for preexport financing: Provided, however, That no such extension or revolving line of credit may be made for a period or periods exceeding eighteen months. A bank or participating lending institution may establish the rate of interest on extensions and revolving lines of credit as may be legal and reasonable.”
Subsec. (a)(16) to (18). Pub. L. 100–418, § 8007(a)(3), (4), added pars. (16) and (17) and redesignated former par. (16) as (18).
Subsec. (a)(19). Pub. L. 100–533 and Pub. L. 100–590, § 102(a), made identical amendments adding par. (19).
Subsec. (a)(20). Pub. L. 100–656, § 302, added par. (20).
Subsec. (b)(1)(A). Pub. L. 100–590, §§ 119(a), 121, substituted “natural or other disasters” for “floods, riots or civil disorders, or other catastrophes” and inserted proviso that Administration may increase loan up to additional 20 per centum to protect damaged or destroyed property from possible future disasters.
Subsec. (b)(2)(A). Pub. L. 100–707, § 109(f)(1), substituted “the Disaster Relief and Emergency Assistance Act” for “the Act entitled ‘An Act to authorize Federal assistance to States and local governments in major disasters, and for other purposes’, approved
Subsec. (b)(E). Pub. L. 100–707, § 109(f)(2), substituted “section 312(a) of the Disaster Relief and Emergency Assistance Act” for “subsection (b) of section 315 of Public Law 93–288 (42 U.S.C. 5155)”.
Subsec. (c)(5)(C). Pub. L. 100–590, § 120(b), substituted “business or other concern, including agricultural cooperatives,” for “business concern”.
Subsec. (c)(6). Pub. L. 100–590, § 122, substituted “refinancing: Provided further, That the Administration shall not require collateral for loans of $10,000 or less which are made under paragraph (1) of subsection (b) of this section”. for “refinancing”.
Subsec. (c)(7). Pub. L. 100–590, § 120(a), added par. (7).
Subsec. (f). Pub. L. 100–707, § 109(f)(3), substituted “section 102(2) of the Disaster Relief and Emergency Assistance Act” for “section 2(a) of the Act of September 30, 1950 (42 U.S.C. 1855a(a))”.
Subsec. (j)(3)(A). Pub. L. 100–656, § 505(h), struck out subpar. (A) which read as follows: “An advisory committee composed of five high-level officers from five United States businesses and five representatives of minority small businesses shall be created to facilitate the achievement of the purposes of this paragraph. The members of the advisory committee shall be appointed by the President. The chairman of the advisory committee, who shall be designated by the President shall report annually to the President and to the Congress on the activities of the advisory committee.”
Subsec. (j)(10)(A)(i). Pub. L. 100–656, § 205(a), amended cl. (i) generally. Prior to amendment, cl. (i) read as follows: “assist small business concerns participating in the Program to develop comprehensive business plans with specific business targets, objectives, and goals for correcting the impairment of such concern’s ability to compete, as determined for such concern pursuant to section 637(a)(6) of this title, within a fixed period of time as mutually agreed upon by the applicant and the Administrator prior to acceptance in such program: Provided, That not less than one year prior to the expiration of such period, and upon the request of such concern, the Administration shall review such period and may extend such period as necessary and appropriate: Provided further, That no determination made under this paragraph shall be considered a denial of total participation for the purposes of section 637(a)(9) of this title;”.
Subsec. (j)(10)(C). Pub. L. 100–656, § 205(b)(1), (2), redesignated subpar. (D) as (C) and struck out former subpar. (C) which read as follows: “No small business concern shall receive a contract pursuant to section 637(a) of this title unless—
“(i) the business plan required pursuant to paragraph (10)(A)(i) is approved by the Administration; and
“(ii) the program is able to provide such concern with, but not limited to, such management, technical and financial services as may be necessary to achieve the targets, objectives, and goals of such business.”
Subsec. (j)(10)(D). Pub. L. 100–656, § 205(b)(2), (3), added subpar. (D). Former subpar. (D) redesignated (C).
Pub. L. 100–656, § 203, added subpar. (D).
Subsec. (j)(10)(E) to (H). Pub. L. 100–656, § 208, added subpars. (E) to (H).
Subsec. (j)(10)[(I)]. Pub. L. 100–656, § 303(a), as amended by Pub. L. 101–37, § 10(a), added new subpar. without subpar. designation, but which probably was intended to be subpar. (I). See 1989 Amendment note above.
Subsec. (j)(10)(J). Pub. L. 100–656, § 206, added subpar. (J).
Subsec. (j)(11). Pub. L. 100–656, § 201(a), designated existing provisions as subpar. (A) and added subpars. (B) to (H).
Subsec. (j)(12). Pub. L. 100–656, § 301(a), added par. (12).
Subsec. (j)(13). Pub. L. 100–656, § 301(b), added par. (13).
Subsec. (j)(14). Pub. L. 100–656, § 301(c), added par. (14).
Subsec. (j)(15). Pub. L. 100–656, § 202, added par. (15).
Subsec. (j)(16). Pub. L. 100–656, § 408, added par. (16).
1986—Subsec. (a)(2). Pub. L. 99–272, § 18013, in subpar. (A) substituted “$155,000” for “$100,000”, in subpar. (B)(i) substituted “$155,000” for “$100,000” and “85” for “90”, in proviso following subpar. (B) substituted “85” for “90”, and inserted a second proviso relating to reduction by the Administration of its participation below the per centum stated in this paragraph and defining “preferred lenders program”.
Subsec. (a)(15)(B)(i). Pub. L. 99–514 substituted “Internal Revenue Code of 1986” for “Internal Revenue Code of 1954”, which for purposes of codification was translated as “title 26” thus requiring no change in text.
Subsec. (a)(16). Pub. L. 99–272, § 18007, added par. (16).
Subsec. (b). Pub. L. 99–272, § 18006(a)(1), in provision preceding par. (1) substituted “Except as to agricultural enterprises as defined in section 647(b)(1) of this title, the,” for “The”, struck out par. (3) which authorized loans, each one not to exceed $500,000, to any small business concern to effect continuation of, additions to, alterations in, or reestablishment in the same or a new location of its plant, facilities, or methods or operation caused by direct action of the Federal Government or as a consequence of Federal Government action provided that the applicant was unable to obtain credit elsewhere, and struck out par. (4) which authorized disaster loans, each one not to exceed $100,000, to any small business concern located in an area of economic dislocation that was the result of the drastic fluctuation in the value of the currency of a country contiguous to the United States and adjustments in the regulation of its monetary system if such concern was unable to obtain credit elsewhere.
Subsec. (c)(4). Pub. L. 99–272, § 18006(a)(2), struck out provision following subpar. (D) which provided that loans, subject to reductions under subpars. (A) and (B) of par. (1), be in amounts equal to 100 percent of loss if the applicant was a homeowner and 85 percent if the applicant was a business or otherwise, the interest rate for loans under pars. (1) and (2) be the rate of interest in effect on the date the disaster commenced, and the Administrator, in his discretion, waive the $500,000 limitation on the total amount outstanding and committed to the borrower under this subsection if the applicant constituted a major source of employment in an area suffering a disaster.
1984—Subsec. (b)(2). Pub. L. 98–270, § 311(1), (3), substituted in provisions preceding subpar. (A) “small business concern or small agricultural cooperative” for “small business concern” and “the concern or the cooperative” for “the concern”.
Subsec. (b)(2)(D). Pub. L. 98–270, § 311(2), substituted “small business concerns or small agricultural cooperatives” for “small business concerns”.
Subsec. (b)(3). Pub. L. 98–270, § 308, inserted “continuation of,” after “in effecting” and inserted provision directing that, for purposes of this paragraph, the impact of the 1983 Payment-in-Kind Land Diversion program, or any successor Payment-in-Kind program with a similar impact on the small business community, be deemed to be a consequence of Federal Government action.
Subsec. (b)(4). Pub. L. 98–270, § 304(2), added par. (4).
Subsec. (c). Pub. L. 98–270, § 301, added undesignated par. following par. (6).
Subsec. (c)(5). Pub. L. 98–270, § 301, added par. (5).
Subsec. (c)(6). Pub. L. 98–270, § 301, added par. (6).
Pub. L. 98–270, § 309, inserted provision directing that employees of concerns sharing common business premises be aggregated in determining “major source of employment” status for nonprofit applicants owning such premises.
Subsec. (d)(1). Pub. L. 98–395 substituted provisions stating that the Administration shall not fund any Small Business Development Center except as authorized for former provisions which prohibited such funding only after
1981—Subsec. (a). Pub. L. 97–35, § 1902, substituted provisions empowering the Administration to the extent and in such amounts as provided in advance in appropriation acts, for plant acquisition, construction, conversion, or expansion, including the acquisition of land, material, supplies, equipment, and working capital, and to make loans to qualified small business concerns including those owned by qualified Indian tribes, for purposes of this chapter, and that financing may be made either directly or in cooperation with banks or other financial institutions through agreements to participate on an immediate or deferred basis for provisions empowering the Administration to make loans to enable small business concerns and such concerns wholly owned by Indian tribes to finance plant construction, conversion, or expansion, including the acquisition of land, or to finance residential or commercial construction or rehabilitation, for sale, with a proviso that such loans shall not be used primarily for the acquisition of land, or to finance the acquisition of equipment, facilities, machinery, supplies, or materials, or to supply such concerns with working capital to be used in the manufacture of articles, equipment, supplies, or materials for war, defense, or civilian production or as may be necessary to insure a well-balanced national economy, and that such loans may be made or effected either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred basis.
Subsec. (a)(6)(C). Pub. L. 97–35, § 1910, repealed subpar. (C) which read as follows: “the Administration shall not decline to participate in a loan on a deferred basis under this subsection solely because such loan will be used to refinance all or any part of the existing indebtedness of a small business concern, unless the Administration determines that—
“(i) the holder of such existing indebtedness is in a position likely to sustain a loss if such refinancing is not provided, and
“(ii) if the Administration provides such refinancing through an agreement to participate on a deferred basis, it will be in a position likely to sustain part or all of any loss which would have otherwise been sustained by the holder of the original indebtedness: Provided further, That the Administration may decline to approve such refinancing if it determines that the loan will not benefit the small business concern.”
Subsec. (a)(8). Pub. L. 97–35, § 1910, repealed par. (8) which read as follows: “(8)(A) Any loan made under the authority of this subsection by the Administration in cooperation with a bank or other lending institution through an agreement to participate on a deferred basis, may, upon the concurrence of the Administration, borrower and such bank or institution, have the term of such loan extended or such loan refinanced with an extension of its term: Provided, That the aggregate term of such extended or refinanced loan does not exceed the term permitted pursuant to paragraph (5): And provided further, That such extended loans, or refinancings shall be repaid in equal installments of principal and interest.
“(B) An additional service fee not exceeding 1 per centum of the outstanding amount of the principal may be paid by the borrower to the lender in consideration for such lender extending the term or refinancing of such borrower’s indebtedness if such extension or refinancing results in the term of such indebtedness exceeding ten years.
“(C) The authority provided in this paragraph shall not be construed to otherwise limit the authority of the Administration to set terms and conditions of the loan.”
Subsec. (b)(1). Pub. L. 97–35, § 1911, revised provisions to specifically authorize loans only to repair, rehabilitate, or replace property, real or personal, damaged or destroyed, and is not compensated for by insurance or otherwise, and to refinance any mortgage or other lien against a totally destroyed or substantially damaged home or business concern upon finding that the applicant is not able to obtain credit elsewhere, that such property is to be repaired, rehabilitated, or replaced, that the amount refinanced shall not exceed the loss, and that the amount shall be reduced to the extent such mortgage or lien is satisfied by insurance or otherwise.
Subsec. (b)(2). Pub. L. 97–35, § 1911, revised provisions to continue to authorize loans to business concerns which the Administration determines to have suffered substantial economic injury as a result of a physical disaster as declared under certain pertinent triggering legislation.
Subsec. (b)(3) to (9). Pub. L. 97–35, § 1913(a), designated existing provisions of par. (5) as (3) with minor changes, and struck out pars. (3), (4), and (6) to (9) relating to non-physical disaster loans.
Subsec. (c)(3). Pub. L. 97–35, § 1914, substituted “effective date of this Act” for “to
Subsec. (c)(4). Pub. L. 97–35, § 1912, added par. (4).
Subsec. (g). Pub. L. 97–35, § 1913(c), repealed subsec. (g) which related to loans to small business concerns for water pollution control facilities.
1980—Subsec. (a). Pub. L. 96–481, § 112, inserted provisions preceding par. (1) empowering the Administration to the extent and in such amounts as are provided in appropriation acts to make or effect either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate or deferred basis extensions and revolving lines of credit for export purposes to enable small business concerns to develop foreign markets and for preexport financing, with proviso limiting the extension of credit or revolving line of credit to a period of eighteen months.
Subsec. (a)(8). Pub. L. 96–302, § 505, added par. (8).
Subsec. (b). Pub. L. 96–302, § 124, which directed that cl. (E), respecting duplication of disaster benefits, be added at end of subsec. (b), was executed by inserting cl. (E) following cl. (D) in next to last par. of subsec. (b) as the probable intent of Congress.
Subsec. (b)(4). Pub. L. 96–302, § 123, substituted “other causes” for “undetermined causes” and made the small business concern ineligible for loan assistance when the concern intentionally adulterates its product in attempting to establish eligibility under the loan assistance program.
Subsec. (b)(8). Pub. L. 96–302, § 122, authorized loans to assist small business concern affected by a shortage of coal or other energy-producing resource caused by a strike, boycott, or embargo, unless the strike, boycott, or embargo is directly against the small business concern.
Subsec. (c)(3). Pub. L. 96–302, § 119(a), (b), added subpar. (C) and extended disaster loans to disasters occurring prior to
Subsec. (d)(1). Pub. L. 96–302, § 203, substituted provisions respecting: funding of small business development centers under section 648 of this title on and after
Subsec. (j)(10). Pub. L. 96–481, § 104, in opening paragraph substituted provision that the program and all other services and activities authorized under this subsection and section 637(a) of this title shall be managed by the Associate Administrator for Minority Small Business and Capital Ownership Development under the Supervision of, and responsible to the Administrator, for provision that the management of the program shall be vested in the Associate Administrator for Minority Small Business and Capital Ownership Development who shall also manage all other services and activities authorized under this subsection and section 637(a) of this title.
Subsec. (j)(10)(A)(i). Pub. L. 96–481, § 106(a), substituted “targets, objectives, and goals for correcting the impairment of such concern’s ability to compete, as determined for such concern pursuant to section 637(a)(6) of this title, within a fixed period of time as mutually agreed upon by the applicant and the Administrator prior to acceptance in such program: Provided, That not less than one year prior to the expiration of such period, and upon the request of such concern, the Administration shall review such period and may extend such period as necessary and appropriate; Provided further, That no determination made under this paragraph shall be considered a denial of participation for the purposes of section 637(a)(9) of this title” for “targets, objectives and goals”.
Subsec. (j)(10)(C). Pub. L. 96–481, § 107, in the conditions required to receive a contract by a small business concern, substituted provisions that the business plan be approved by the Administration and that the program be able to provide the concern with management, technical and financial services necessary to achieve the targets, objectives and goals of such business, for provision that the program be able to provide the concern with management, technical and financial services as may be necessary to promote the competitive viability of the concern within a reasonable period of time.
1979—Subsec. (b) following par. (9). Pub. L. 96–38 inserted “, except as provided in subsection (c) of this section,” after “the interest rate on the Administration’s share of any loan made under this subsection” in first unnumbered paragraph.
Subsec. (c)(3). Pub. L. 96–38 added par. (3).
1978—Subsec. (a). Pub. L. 95–507, § 231, inserted provision including small-business concerns totally owned and controlled by Indian tribes within the scope of this section.
Subsec. (d). Pub. L. 95–315, § 3, designated existing provisions as par. (1) and added par. (2).
Subsec. (j). Pub. L. 95–507, § 204, included individuals and enterprises eligible for assistance under par. (10) of this subsection and section 637(a) of this title among those eligible for assistance under this section, provided for the establishment of the small business and capital ownership development program, and provided for the coordination of certain Federal policies under this section by the Associate Administrator for Minority Small Business and Capital Ownership Development.
Subsec. (k). Pub. L. 95–507, § 205, inserted reference to section 637(a).
Subsec. (k)(4). Pub. L. 95–510 substituted “the daily equivalent of the highest rate payable under section 5332 of title 5” for “$100 per diem”.
Subsec. (l). Pub. L. 95–315, § 2, added subsec. (l).
1977—Subsec. (a). Pub. L. 95–89, § 301, authorized loans to finance residential or commercial construction or rehabilitation for sale, subject to restriction that such loans be not used primarily for the acquisition of land.
Subsec. (a)(8). Pub. L. 95–89, § 101(d), repealed par. (8) which required the Administrator to make direct loans under subsec. (a) in an aggregate amount of not less than $400,000,000 during fiscal year ending
Subsec. (b). Pub. L. 95–89, § 405, inserted following par. (9) provisions respecting interest rate on loans to repair or replace primary residence and/or replace or repair damaged or destroyed personal property, including installation of insulation in connection with any disaster occurring on or after
Subsec. (b)(2)(C) to (E). Pub. L. 95–89, § 403, added subpars. (C) to (E).
Subsec. (b)(3). Pub. L. 95–89, § 402, substituted “program or project constructed by or with funds provided in whole or in part by the Federal Government or by a program or project by a State or local government or public service entity, providing such government or public service entity has the authority to exercise the right of eminent domain on such program or project” for “federally aided urban renewal program or a highway project or any other construction constructed by or with funds provided in whole or in part by the Federal Government”.
Subsec. (b)(5). Pub. L. 95–89, § 302, inserted “heretofore or hereafter enacted” after “any Federal law”.
Subsec. (b)(9). Pub. L. 95–89, § 404, added par. (9).
Subsec. (g)(4). Pub. L. 95–89, § 101(e), repealed par. (4) which authorized appropriation of not to exceed $800,000,000 to the disaster fund solely for purpose of carrying out subsec. (g) loans to small business concerns for water pollution control facilities.
1976—Subsec. (a)(1). Pub. L. 94–305, § 112(c), inserted reference to non-Federal sources.
Subsec. (a)(4)(A). Pub. L. 94–305, § 111, substituted “$500,000: Provided, That no such loan made or effected either directly or in cooperation with banks or other lending institutions through agreements to participate on an immediate basis shall exceed $350,000” for “$350,000”.
Subsec. (a)(4)(C). Pub. L. 94–305, § 108(b), substituted provision relating to a twenty year maturity period for any portion of loan made for the purpose of acquiring real property or constructing facilities for provision relating to a ten year maturity for portion of loan made for purpose of constructing facilities.
Subsec. (b). Pub. L. 94–305, § 114, in provisions following par. (8), substituted provisions requiring interest rate on Administration’s share of any loan made under this subsection not to exceed the average annual interest rate on all interest-bearing obligations of the United States then forming a part of the public debt for provisions requiring interest rate on Administration’s share of any loan made under this subsection not to exceed 3 per centum per annum except for loans made under pars. (3), (5), (6), (7), or (8) in which the interest will not exceed either 2¾ per centum per annum or the average annual interest rate of all interest-bearing obligations of the United States then forming a part of the public debt.
Subsec. (b)(4). Pub. L. 94–305, § 112(d), struck out proviso that loans under subsec. (b)(4) of this section include loans to persons who are engaged in business of raising livestock, and who suffer substantial injury as a result of animal disease.
Subsec. (i)(1), (3). Pub. L. 94–305, § 109, substituted “$100,000” for “$50,000”.
1974—Subsec. (a)(4)(B). Pub. L. 93–386, § 8, substituted provisions for determining the rate of interest for the Administration’s share of any loan for provisions setting forth the rate of interest for the Administration’s share of any loan as not more than 5½ per centum per annum.
Subsec. (a)(5)(B). Pub. L. 93–386, § 8, substituted provisions for determining the rate of interest for the Administration’s share of any loan for provisions setting forth the rate of interest for the Administration’s share of any loan as not less than 3 nor more than 5 per centum per annum.
Subsec. (a)(8). Pub. L. 93–386, § 12, added par. (8).
Subsec. (b)(4). Pub. L. 93–237, § 5, inserted proviso that loans under this paragraph include loans to persons who are engaged in the business of raising livestock and who suffer substantial economic injury as a result of animal disease.
Subsec. (b)(5) to (7). Pub. L. 93–237, §§ 2(a), (b), 6, consolidated into a single par. (5) the authority of the Small Business Administration contained in former par. (5) to make loans to small business concerns to meet the requirements of the Federal Coal Mine Health and Safety Act of 1969, the Egg Products Inspection Act, the Wholesome Poultry Products Act, and the Wholesome Meat Act, and former par. (6) to make loans to small business concerns to meet the requirements of the Occupational Safety and Health Act of 1970, expanded such authority to finance structural, operational, or other changes required in order to meet standards imposed by Federal laws, or by State laws enacted in conformity with Federal laws, redesignated former par. (7) as par. (6), and added par. (7).
Subsec. (b)(8). Pub. L. 93–386, § 9(a), added par. (8).
Subsec. (b). Pub. L. 93–386, § 9(b), substituted “paragraph (3), (5), (6), (7), or (8)” for “paragraph (3), (5), (6), or (7)” in first par. following the numbered pars.
Subsecs. (g), (h). Pub. L. 93–237, § 3(a), redesignated subsec. (g), relating to loans to handicapped persons and organizations for handicapped, as (h).
Subsec. (h)(2). Pub. L. 93–386, § 3(2), inserted “The Administration’s share of” before “any loan”.
Subsecs. (i) to (k). Pub. L. 93–386, § 2(a)(4), added subsecs. (i) to (k).
1972—Subsec. (b). Pub. L. 92–385 added par. (7), and in text following the numbered paragraphs, inserted provisions relating to the administration of the disaster loan program in relation to disasters occurring between
Subsec. (g). Pub. L. 92–595 added subsec. (g) relating to loans to handicapped persons and organizations for handicapped.
Pub. L. 92–500 added subsec. (g) relating to loans to small business concerns for water pollution control facilities.
1970—Subsec. (b). Pub. L. 91–597 added par. (5) relating to loans for additions or alterations required under the Egg Products Inspection Act, etc., and inserted reference to such par. (5).
Pub. L. 91–596 added par. (6) and inserted reference to par. (6) after reference to par. (5).
1969—Subsec. (b). Pub. L. 91–173 added par. (5), and inserted reference to par. (5) after reference to par. (3).
1968—Subsec. (b)(1). Pub. L. 90–448 empowered the Administration to make loans because of riots or civil disorders.
Subsec. (b)(3). Pub. L. 90–495 added continuing in business at its existing location, purchasing a business, and establishing a new business to the list of purposes for which loans may be made, and extended the causes of substantial economic injury of the concern involved to include its location in, adjacent to, or near a federally aided urban renewal program, highway project, or other construction project using federal funds.
1967—Subsec. (a)(4). Pub. L. 90–104, § 103, extended maturity date for construction loans from ten to fifteen years.
Subsec. (f). Pub. L. 90–104, § 104, redesignated subsec. (e), added by Pub. L. 89–769, as (f).
1966—Subsec. (e). Pub. L. 89–409 added subsec. (e).
Pub. L. 89–769 added subsec. (e) which provided for assistance to privately owned higher education in major disaster areas and repayment.
1965—Subsec. (b). Pub. L. 89–59, § 1(a), increased the maturity of disaster loans from twenty to thirty years, and authorized suspension of principal and interest payments and extension of date of maturity for five year period.
Subsec. (c). Pub. L. 89–59, § 1(b), designated existing provisions as par. (1) and added par. (2).
1964—Subsecs. (b)(2), (4). Pub. L. 88–264 extended provisions of par. (2) to any small business affected by disasters other than drought or excessive rainfall and added par. (4) for disaster loans to any such business suffering economic injuries through natural or undetermined causes.
Subsec. (b)(3). Pub. L. 88–560 provided that the purposes of a loan under this paragraph may include the purchase or construction of other premises whether or not the borrower owned the premises from which it was displaced.
1961—Subsec. (b). Pub. L. 87–70 added par. (3), and inserted provisions limiting the interest rate in the case of loans made pursuant to par. (3) to not more than the higher of (A) 2¾ per centum per annum, or (B) the average annual interest rate on all interest-bearing obligations forming a part of the public debt as computed at the end of the fiscal year next preceding the date of the loan and adjusted to the nearest one-eighth of 1 per centum, plus one-quarter of 1 per centum per annum.
Subsec. (d). Pub. L. 87–305 empowered the Administration to make grants to any corporation formed by two or more eligible entities described in the text, authorized it to recommend to grant applicants particular studies or research, eliminated the limitation of one grant to a State, and conditioned grants to the procurement of additional amounts from sources other than the Administration.
1959—Subsec. (d). Pub. L. 86–367 struck out provision for making the grants from the fund established in the Treasury by section 602(b) of the Small Business Investment Act of 1958.
1958—Subsec. (d). Pub. L. 85–699 added subsec. (d).
Change Of Name
Committee on Small Business of Senate changed to Committee on Small Business and Entrepreneurship of Senate. See Senate Resolution No. 123, One Hundred Seventh Congress,
Effective Date Of Amendment
Pub. L. 111–240, title I, § 1111(b),
Pub. L. 111–240, title I, § 1133(b),
Pub. L. 111–240, title I, § 1135(b),
Pub. L. 111–240, title I, § 1206(h),
Pub. L. 111–240, title I, § 1401(c),
Amendment of this section and repeal of Pub. L. 110–234 by Pub. L. 110–246 effective
Pub. L. 110–234, title XII, § 12078(b)(2),
[Pub. L. 110–234 and Pub. L. 110–246 enacted identical provisions. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture.]
Pub. L. 110–234, title XII, § 12083(b),
[Pub. L. 110–234 and Pub. L. 110–246 enacted identical provisions. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture.]
Amendment by Pub. L. 110–140 effective on the date that is 1 day after
Pub. L. 108–447, div. K, title I, § 101(b),
Pub. L. 108–447, div. K, title I, § 103(b),
Pub. L. 108–447, div. K, title I, § 107(c),
Amendment by Pub. L. 107–100 effective
Pub. L. 106–50, title IV, § 402(e),
Pub. L. 106–8, § 3(c),
Amendment by section 101(f) [title VIII, § 405(d)(10)] of Pub. L. 105–277 effective
Amendment by Pub. L. 105–135 effective on
Amendment by Pub. L. 104–208 effective
Amendment by Pub. L. 104–36 inapplicable to loans made or guaranteed under Small Business Act or Small Business Investment Act of 1958 before
Pub. L. 103–403, title II, § 208(c),
Pub. L. 103–81, § 5(b),
Pub. L. 102–366, title I, § 113(b),
Amendment by Pub. L. 101–37 applicable as if included in Pub. L. 100–656, see section 32 of Pub. L. 101–37, set out as a note under section 631 of this title.
Amendments by sections 202, 203, 206, 301(a), 408, and 505(h) of Pub. L. 100–656 and subsec. (j)(13)(G) and (I) of this section as added by section 301(b) of Pub. L. 100–656, effective
Amendments by sections 201(a), 205, 208, 301(b), (c), and 303(a) of Pub. L. 100–656 effective
Amendment by section 302 of Pub. L. 100–656 effective
Subsection (j)(13)(E) of this section as added by section 301(b) of Pub. L. 100–656 effective
Amendments by sections 119(a) and 120 to 122 of Pub. L. 100–590 effective for all loan applications resulting from disaster declarations made on or after
Amendment by Pub. L. 98–270 effective
Pub. L. 98–270, title III, § 307,
Amendment by section 311 of Pub. L. 98–270 applicable to loans granted on the basis of any disaster with respect to which a declaration has been issued after
Pub. L. 97–35, title XIX, § 1910,
Amendment by section 1913 of Pub. L. 97–35 effective
Amendment by Pub. L. 96–302 effective
Pub. L. 96–302, title I, § 119(d),
Amendment by Pub. L. 95–510 effective
Amendment by section 101(d), (e) of Pub. L. 95–89 effective
Pub. L. 92–385, § 1(b),
For effective date of amendment by Pub. L. 91–597 see section 29 of Pub. L. 91–597, set out as a note under section 1031 of Title 21, Food and Drugs.
Amendment by Pub. L. 91–596 effective 120 days after
Amendment by Pub. L. 90–495 effective
Pub. L. 89–409, § 3(c),
Miscellaneous
Pub. L. 111–240, title I, § 1131(b),
Pub. L. 106–50, title IV, § 402(d),
Pub. L. 106–8, § 3(b),
Section 114 of Pub. L. 102–366 provided that:
Pub. L. 102–140, title VI, § 609(i),
Pub. L. 100–656, title VIII, § 801,
For termination, effective
Transfer Of Functions
For transfer of all functions, personnel, assets, components, authorities, grant programs, and liabilities of the Federal Emergency Management Agency, including the functions of the Under Secretary for Federal Emergency Management relating thereto, to the Federal Emergency Management Agency, see section 315(a)(1) of Title 6, Domestic Security.
For transfer of functions, personnel, assets, and liabilities of the Federal Emergency Management Agency, including the functions of the Director of the Federal Emergency Management Agency relating thereto, to the Secretary of Homeland Security, and for treatment of related references, see former section 313(1) and sections 551(d), 552(d), and 557 of Title 6, Domestic Security, and the Department of Homeland Security Reorganization Plan of
Miscellaneous
Pub. L. 111–240, title I, § 1131(c),
Pub. L. 110–234, title XII, § 12063(b),
[Pub. L. 110–234 and Pub. L. 110–246 enacted identical provisions. Pub. L. 110–234 was repealed by section 4(a) of Pub. L. 110–246, set out as a note under section 8701 of Title 7, Agriculture.]
[“Administration” and “Administrator”, referred to in Pub. L. 110–246, § 12063(b), set out above, as meaning the Small Business Administration and the Administrator thereof, see section 636e of this title.]
Definitions
Pub. L. 110–186, § 3,
Miscellaneous
Pub. L. 110–186, title II, § 201(b), (c),
Pub. L. 110–186, title II, § 202,
Pub. L. 108–217, §§ 4–8, “ ‘(31) Combination financing.— “ ‘(A) Definitions.—In this paragraph— “ ‘(i) the term “combination financing” means financing comprised of a loan guaranteed under this subsection and a commercial loan; and “ ‘(ii) the term “commercial loan” means a loan which is part of a combination financing and no portion of which is guaranteed by the Federal Government. “ ‘(B) Applicability.—This paragraph applies to a loan guarantee obtained by a small business concern under this subsection, if the small business concern also obtains a commercial loan. “ ‘(C) Commercial loan amount.—In the case of any combination financing, the amount of the commercial loan which is part of such financing shall not exceed the gross amount of the loan guaranteed under this subsection which is part of such financing. “ ‘(D) Commercial loan provisions.—The commercial loan obtained by the small business concern— “ ‘(i) may be made by the participating lender that is providing financing under this subsection or by a different lender; “ ‘(ii) may be secured by a senior lien; and “ ‘(iii) may be made by a lender in the Preferred Lenders Program, if applicable. “ ‘(E) Commercial loan fee.—A one-time fee in an amount equal to 0.7 percent of the amount of the commercial loan shall be paid by the lender to the Administration if the commercial loan has a senior credit position to that of the loan guaranteed under this subsection. Paragraph (23)(B) shall apply to the fee established by this paragraph. “ ‘(F) Deferred participation loan security.—A loan guaranteed under this subsection may be secured by a subordinated lien. “ ‘(G) Completion of application processing.—The Administrator shall complete processing of an application for combination financing under this paragraph pursuant to the program authorized by this subsection as it was operating on “ ‘(H) Business loan eligibility.—Any standards prescribed by the Administrator relating to the eligibility of small business concerns to obtain combination financing under this subsection which are in effect on the date of the enactment of this paragraph [ “ ‘(A) Percentage.— “ ‘(i) In general.—With respect to each loan guaranteed under this subsection, the Administrator shall, in accordance with such terms and procedures as the Administrator shall establish by regulation, assess and collect an annual fee in an amount equal to 0.5 percent of the outstanding balance of the deferred participation share of the loan. “ ‘(ii) Temporary percentage.—With respect to loans approved during the period beginning on the date of enactment of this clause [ “Deferred participation loans made during the period beginning on the date of the enactment of this Act [
Pub. L. 107–100, § 6(c),
Pub. L. 106–50, title IV, § 402(c),
Pub. L. 106–24, § 1(c),
Pub. L. 106–8, § 2,
Pub. L. 105–135, title II, § 202(b),
Pub. L. 105–135, title V, § 507,
Section 509 of Pub. L. 105–135 provided that:
Pub. L. 104–208, div. D, title I, § 104(a),
Pub. L. 103–75,
Pub. L. 102–366, title I, § 112,
Pub. L. 102–366, title II, § 221,
Pub. L. 102–190, div. A, title VIII, § 813(a)–(e),
Pub. L. 102–190, div. A, title X, § 1087,
Pub. L. 102–140, title VI, § 609(j),
References in laws to the rates of pay for GS–16, 17, or 18, or to maximum rates of pay under the General Schedule, to be considered references to rates payable under specified sections of Title 5, Government Organization and Employees, see section 529 [title I, § 101(c)(1)] of Pub. L. 101–509, set out in a note under section 5376 of Title 5.
Pub. L. 101–189, div. A, title VIII, § 833,
Definitions
Pub. L. 100–656, § 2,
Miscellaneous
Pub. L. 100–656, title I, § 101,
Pub. L. 100–656, title IV, § 410,
Pub. L. 100–656, title V, § 504,
Pub. L. 100–656, title V, § 505(a)–(g),
Pub. L. 100–656, title VIII, § 802(f),
Pub. L. 100–590, title I, § 102(b),
Similar provisions were contained in Pub. L. 100–533, title III, § 302(b),
Pub. L. 99–272, title XVIII, § 18006(b),
Pub. L. 98–166, title I, § 101,
Pub. L. 97–35, title XIX, § 1907
Pub. L. 96–481, title I, § 106(b),
Pub. L. 96–302, title V, §§ 502, 503,
Advisory committees established after
Pub. L. 94–305, title I, § 101,
Pub. L. 97–35, title XIX, § 1916,
Pub. L. 93–24, § 9,
Pub. L. 93–237, § 2(d),
Pub. L. 92–385, § 1(c),
Pub. L. 85–699, title VI, § 602(a), (b),
Pub. L. 91–173, title V, § 504(d),
Executive Order
Ex. Ord. No. 12190,
Miscellaneous
Term of the Advisory Committee on Small and Minority Business Ownership extended until
Term of the Advisory Committee on Small and Minority Business Ownership extended until
Term of the Advisory Committee on Small and Minority Business Ownership extended until
Term of the Advisory Committee on Small and Minority Business Ownership extended until
Term of the Advisory Committee on Small and Minority Business Ownership extended until
Term of the Advisory Committee on Small and Minority Business Ownership extended until