Economic Development 

U.S. Code > Title 15 > Chapter 14A > § 635 - Deposit of moneys; depositaries, custodians, and fiscal agents; contributions to employees' compensation funds

(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 subparagraph (B), 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) 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. -
    Notwithstanding subparagraph (A), 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 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 $1,500,000 (or if the gross loan amount would exceed
    $2,000,000), 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 $1,750,000, of which
    not more than $1,250,000 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 (!1)

      (C) Repealed. Pub. L. 97-35, title XIX, Sec. 1910, Aug. 13,
    1981, 95 Stat. 778.

  On that portion of the loan used to refinance existing
  indebtedness held by a bank or other lending institution, the
  Administration shall limit the amount of deferred participation
  to 80 per centum of the amount of the loan at the time of
  disbursement: Provided further, That any authority conferred by
  this subparagraph on the Administration shall be exercised solely
  by the Administration and shall not be delegated to other than
  Administration personnel.
    (7) The Administration may defer payments on the principal of
  such loans for a grace period and use such other methods as it
  deems necessary and appropriate to assure the successful
  establishment and operation of such concern.
    (8) The Administration may make loans under this subsection to
  small business concerns owned and controlled by disabled veterans
  (as defined in section 4211(3) of title 38).
    (9) The Administration may provide loans under this subsection
  to finance residential or commercial construction or
  rehabilitation for sale: Provided, however, That such loans shall
  not be used primarily for the acquisition of land.
    (10) The Administration may provide guaranteed loans under this
  subsection to assist any public or private organization for the
  handicapped or to assist any handicapped individual, including
  service-disabled veterans, in establishing, acquiring, or
  operating a small business concern.
    (11) The Administration may provide loans under this subsection
  to any small business concern, or to any qualified person seeking
  to establish such a concern when it determines that such loan
  will further the policies established in section 631(c) (!2) of
  this title, with particular emphasis on the preservation or
  establishment of small business concerns located in urban or
  rural areas with high proportions of unemployed or low-income
  individuals or owned by low-income individuals.

    (12)(A) The Administration may provide loans under this
  subsection to assist any small business concern, including start
  up, to enable such concern to design architecturally or engineer,
  manufacture, distribute, market, install, or service energy
  measures: Provided, however, That such loan proceeds shall not be
  used primarily for research and development.
    (b) (!3) The Administration may provide deferred participation
  loans under this subsection to finance the planning, design, or
  installation of pollution control facilities for the purposes set
  forth in section 404 of the Small Business Investment Act of 1958
  [15 U.S.C. 694-1]. Notwithstanding the limitation expressed in
  paragraph (3) of this subsection, a loan made under this
  paragraph may not result in a total amount outstanding and
  committed to a borrower from the business loan and investment
  fund of more than $1,000,000.

    (13)  The  Administration  may  provide  financings under this
  subsection to State and local development companies for the
  purposes of, and subject to the restrictions in, title V of the
  Small Business Investment Act of 1958 [15 U.S.C. 695 et seq.].
    (14)(A) The Administration may provide extensions of credit,
  standby letters of credit, revolving lines of credit for export
  purposes, and other financing to enable small business concerns,
  including small business export trading companies and small
  business export management companies, to develop foreign markets.
  A bank or participating lending institution may establish the
  rate of interest on such financings as may be legal and
  reasonable.
    (B) When considering loan or guarantee applications, the
  Administration shall give weight to export-related benefits,
  including opening new markets for United States goods and
  services abroad and encouraging the involvement of small
  businesses, including agricultural concerns, in the export
  market.
    (C) The Administration shall aggressively market its export
  financing program to small businesses.
    (15)(A) The Administration may guarantee loans under this
  subsection to qualified employee trusts with respect to a small
  business concern for the purpose of purchasing stock of the
  concern under a plan approved by the Administrator which, when
  carried out, results in the qualified employee trust owning at
  least 51 per centum of the stock of the concern.
    (B) The plan requiring the Administrator's approval under
  subparagraph (A) shall be submitted to the Administration by the
  trustee of such trust with its application for the guarantee.
  Such plan shall include an agreement with the Administrator which
  is binding on such trust and on the small business concern and
  which provides that - 
      (i) not later than the date the loan guaranteed under
    subparagraph (A) is repaid (or as soon thereafter as is
    consistent with the requirements of section 401(a) of title
    26), at least 51 per centum of the total stock of such concern
    shall be allocated to the accounts of at least 51 per centum of
    the employees of such concern who are entitled to share in such
    allocation,
      (ii) there will be periodic reviews of the role in the
    management of such concern of employees to whose accounts stock
    is allocated, and
      (iii) there will be adequate management to assure management
    expertise and continuity.

    (C) In determining whether to guarantee any loan under this
  paragraph, the individual business experience or personal assets
  of employee-owners shall not be used as criteria, except inasmuch
  as certain employee-owners may assume managerial
  responsibilities, in which case business experience may be
  considered.
    (D) For purposes of this paragraph, a corporation which is
  controlled by any other person shall be treated as a small
  business concern if such corporation would, after the plan
  described in subparagraph (B) is carried out, be treated as a
  small business concern.
    (E) The Administration shall compile a separate list of
  applications for assistance under this paragraph, indicating
  which applications were accepted and which were denied, and shall
  report periodically to the Congress on the status of employee-
  owned firms assisted by the Administration.
    (16) International trade. - 
      (A) In general. - If the Administrator determines that a loan
    guaranteed under this subsection will allow an eligible small
    business concern that is engaged in or adversely affected by
    international trade to improve its competitive position, the
    Administrator may make such loan to assist such concern in - 
        (i) 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; or
        (ii) the refinancing of existing indebtedness that is not
      structured with reasonable terms and conditions.

      (B) Security. - Each loan made under this paragraph shall be
    secured by a first lien position or first mortgage on the
    property or equipment financed by the loan or on other assets
    of the small business concern.
      (C) Engaged in international trade. - For purposes of this
    paragraph, a small business concern is engaged in international
    trade if, as determined by the Administrator, the small
    business concern is in a position to expand existing export
    markets or develop new export markets.
      (D) Adversely affected by international trade. - For purposes
    of this paragraph, a small business concern is adversely
    affected by international trade if, as determined by the
    Administrator, the small business concern - 
        (i) is confronting increased competition with foreign firms
      in the relevant market; and
        (ii) is injured by such competition.

      (E) Findings by certain federal agencies. - For purposes of
    subparagraph (D)(ii) the Administrator shall accept any finding
    of injury by the International Trade Commission or any finding
    of injury by the Secretary of Commerce pursuant to chapter 3 of
    title II of the Trade Act of 1974 [19 U.S.C. 2341 et seq.].

    (17) The Administration shall authorize lending institutions
  and other entities in addition to banks to make loans authorized
  under this subsection.
    (18) Guarantee fees. - 
      (A) In general. - 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 not to exceed 2 percent of the deferred
      participation share of a total loan amount that is not more
      than $150,000.
        (ii) A guarantee fee not to exceed 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 not to exceed 3.5 percent of the
      deferred participation share of a total loan amount that is
      more than $700,000.
        (iv) In addition to the fee under clause (iii), a guarantee
      fee equal to 0.25 percent of any portion of the deferred
      participation share that is more than $1,000,000.

      (B) Retention of certain fees. - Lenders participating in the
    programs established under this subsection may retain not more
    than 25 percent of a fee collected under subparagraph (A)(i).

    (19)(A) 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 Lenders
  Program for lenders who establish their knowledge of
  Administration laws and regulations concerning the guaranteed
  loan program and their proficiency in program requirements. 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 that
  the loss experience of the lender is excessive as compared to
  other lenders, but such suspension or revocation shall not affect
  any outstanding guarantee.
    (B) In order to encourage all lending institutions and other
  entities making loans authorized under this subsection to provide
  loans of $50,000 or less in guarantees to eligible small business
  loan applicants, the Administration shall develop and allow
  participating lenders to solely utilize a uniform and simplified
  loan form for such loans.
    (C) Authority to liquidate loans. - 
      (i) In general. - The Administrator may permit lenders
    participating in the Certified Lenders Program to liquidate
    loans made with a guarantee from the Administration pursuant to
    a liquidation plan approved by the Administrator.
      (ii) Automatic approval. - If the Administrator does not
    approve or deny a request for approval of a liquidation plan
    within 10 business days of the date on which the request is
    made (or with respect to any routine liquidation activity under
    such a plan, within 5 business days) such request shall be
    deemed to be approved.

    (20)(A) The Administration is empowered to make loans either
  directly or in cooperation with banks or other financial
  institutions through agreements to participate on an immediate or
  deferred (guaranteed) basis to small business concerns eligible
  for assistance under subsection (j)(10) of this section and
  section 637(a) of this title. Such assistance may be provided
  only if the Administration determines that - 
      (i) the type and amount of such assistance requested by such
    concern is not otherwise available on reasonable terms from
    other sources;
      (ii) with such assistance such concern has a reasonable
    prospect for operating soundly and profitably within a
    reasonable period of time;
      (iii) the proceeds of such assistance will be used within a
    reasonable time for plant construction, conversion, or
    expansion, including the acquisition of equipment, facilities,
    machinery, supplies, or material or to supply such concern with
    working capital to be used in the manufacture of articles,
    equipment, supplies, or material for defense or civilian
    production or as may be necessary to insure a well-balanced
    national economy; and
      (iv) such assistance is of such sound value as reasonably to
    assure that the terms under which it is provided will not be
    breached by the small business concern.

    (B)(i) No loan shall be made under this paragraph if the total
  amount outstanding and committed (by participation or otherwise)
  to the borrower would exceed $750,000.
    (ii) Subject to the provisions of clause (i), in agreements to
  participate in loans on a deferred (guaranteed) basis,
  participation by the Administration shall be not less than 85 per
  centum of the balance of the financing outstanding at the time of
  disbursement.
    (iii) The rate of interest on financings made on a deferred
  (guaranteed) basis shall be legal and reasonable.
    (iv) Financings made pursuant to this paragraph shall be
  subject to the following limitations:
      (I) No immediate participation may be purchased unless it is
    shown that a deferred participation is not available.
      (II) No direct financing may be made unless it is shown that
    a participation is unavailable.

    (C) A direct loan or the Administration's share of an immediate
  participation loan made pursuant to this paragraph shall be any
  secured debt instrument - 
      (i) that is subordinated by its terms to all other borrowings
    of the issuer;
      (ii) the rate of interest on which 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 loan and
    adjusted to the nearest one-eighth of 1 per centum;
      (iii) the term of which is not more than twenty-five years;
    and
      (iv) the principal on which is amortized at such rate as may
    be deemed appropriate by the Administration, and the interest
    on which is payable not less often than annually.

    (21)(A) The Administration may make loans on a guaranteed basis
  under the authority of this subsection - 
      (i) to a small business concern that has been (or can
    reasonably be expected to be) detrimentally affected by - 
        (I) the closure (or substantial reduction) of a Department
      of Defense installation; or
        (II) the termination (or substantial reduction) of a
      Department of Defense program on which such small business
      was a prime contractor or subcontractor (or supplier) at any
      tier; or

      (ii) to a qualified individual or a veteran seeking to
    establish (or acquire) and operate a small business concern.

    (B) Recognizing that greater risk may be associated with a loan
  to a small business concern described in subparagraph (A)(i), any
  reasonable doubts concerning the firm's proposed business plan
  for transition to nondefense-related markets shall be resolved in
  favor of the loan applicant when making any determination
  regarding the sound value of the proposed loan in accordance with
  paragraph (6).
    (C) Loans pursuant to this paragraph shall be authorized in
  such amounts as provided in advance in appropriation Acts for the
  purposes of loans under this paragraph.
    (D) For purposes of this paragraph a qualified individual is - 
      (i) a member of the Armed Forces of the United States,
    honorably discharged from active duty involuntarily or pursuant
    to a program providing bonuses or other inducements to
    encourage voluntary separation or early retirement;
      (ii) a civilian employee of the Department of Defense
    involuntarily separated from Federal service or retired
    pursuant to a program offering inducements to encourage early
    retirement; or
      (iii) an employee of a prime contractor, subcontractor, or
    supplier at any tier of a Department of Defense program whose
    employment is involuntarily terminated (or voluntarily
    terminated pursuant to a program offering inducements to
    encourage voluntary separation or early retirement) due to the
    termination (or substantial reduction) of a Department of
    Defense program.

    (E) Job creation and community benefit. - In providing
  assistance under this paragraph, the Administration shall develop
  procedures to ensure, to the maximum extent practicable, that
  such assistance is used for projects that - 
      (i) have the greatest potential for - 
        (I) creating new jobs for individuals whose employment is
      involuntarily terminated due to reductions in Federal defense
      expenditures; or
        (II) preventing the loss of jobs by employees of small
      business concerns described in subparagraph (A)(i); and

      (ii) have substantial potential for stimulating new economic
    activity in communities most affected by reductions in Federal
    defense expenditures.

    (22) The Administration is authorized to permit participating
  lenders to impose and collect a reasonable penalty fee on late
  payments of loans guaranteed under this subsection in an amount
  not to exceed 5 percent of the monthly loan payment per month
  plus interest.
    (23) Yearly fee. - 
      (A) In general. - With respect to each loan approved under
    this subsection, the Administration shall assess, collect, and
    retain a fee, not to exceed 0.55 percent per year of the
    outstanding balance of the deferred participation share of the
    loan, in an amount established once annually by the
    Administration in the Administration's annual budget request to
    Congress, as necessary to reduce to zero the cost to the
    Administration of making guarantees under this subsection. As
    used in this paragraph, the term "cost" has the meaning given
    that term in section 661a of title 2.
      (B) Payer. - The yearly fee assessed under subparagraph (A)
    shall be payable by the participating lender and shall not be
    charged to the borrower.
      (C) Lowering of borrower fees. - If the Administration
    determines that fees paid by lenders and by small business
    borrowers for guarantees under this subsection may be reduced,
    consistent with reducing to zero the cost to the Administration
    of making such guarantees - 
        (i) the Administration shall first consider reducing fees
      paid by small business borrowers under clauses (i) through
      (iii) of paragraph (18)(A), to the maximum extent possible;
      and
        (ii) fees paid by small business borrowers shall not be
      increased above the levels in effect on December 8, 2004.

    (24) Notification requirement. - The Administration shall
  notify the Committees on Small Business of the Senate and the
  House of Representatives not later than 15 days before making any
  significant policy or administrative change affecting the
  operation of the loan program under this subsection.
    (25) Limitation on conducting pilot projects. - 
      (A) In general. - Not more than 10 percent of the total
    number of loans guaranteed in any fiscal year under this
    subsection may be awarded as part of a pilot program which is
    commenced by the Administrator on or after October 1, 1996.
      (B) "Pilot program" defined. - In this paragraph, the term
    'pilot program' means any lending program initiative, project,
    innovation, or other activity not specifically authorized by
    law.
      (C) Low documentation loan program. - The Administrator may
    carry out the low documentation loan program for loans of
    $100,000 or less only through lenders with significant
    experience in making small business loans. Not later than 90
    days after September 30, 1996, the Administrator shall
    promulgate regulations defining the experience necessary for
    participation as a lender in the low documentation loan
    program.

    (26) Calculation of subsidy rate. - All fees, interest, and
  profits received and retained by the Administration under this
  subsection shall be included in the calculations made by the
  Director of the Office of Management and Budget to offset the
  cost (as that term is defined in section 661a of title 2) to the
  Administration of purchasing and guaranteeing loans under this
  chapter.
    (27) Repealed. Pub. L. 106-8, Sec. 3(c), Apr. 2, 1999, 113
  Stat. 16.
    (28) Leasing. - In addition to such other lease arrangements as
  may be authorized by the Administration, a borrower may
  permanently lease to one or more tenants not more than 20 percent
  of any property constructed with the proceeds of a loan
  guaranteed under this subsection, if the borrower permanently
  occupies and uses not less than 60 percent of the total business
  space in the property.
    (29) Real estate appraisals. - With respect to a loan under
  this subsection that is secured by commercial real property, an
  appraisal of such property by a State licensed or certified
  appraiser - 
      (A) shall be required by the Administration in connection
    with any such loan for more than $250,000; or
      (B) may be required by the Administration or the lender in
    connection with any such loan for $250,000 or less, if such
    appraisal is necessary for appropriate evaluation of
    creditworthiness.

    (30) Ownership requirements. - Ownership requirements to
  determine the eligibility of a small business concern that
  applies for assistance under any credit program under this
  chapter shall be determined without regard to any ownership
  interest of a spouse arising solely from the application of the
  community property laws of a State for purposes of determining
  marital interests.
    (31) Express loans. - 
      (A) Definitions. - As used in this paragraph:
        (i) The term "express lender" means any lender authorized
      by the Administration to participate in the Express Loan
      Program.
        (ii) The term "express loan" means any loan made pursuant
      to this paragraph in which a lender utilizes to the maximum
      extent practicable its own loan analyses, procedures, and
      documentation.
        (iii) The term "Express Loan Program" means the program for
      express loans established by the Administration under
      paragraph (25)(B), as in existence on April 5, 2004, with a
      guaranty rate of not more than 50 percent.

      (B) Restriction to express lender. - The authority to make an
    express loan shall be limited to those lenders deemed qualified
    to make such loans by the Administration. Designation as an
    express lender for purposes of making an express loan shall not
    prohibit such lender from taking any other action authorized by
    the Administration for that lender pursuant to this subsection.
      (C) Grandfathering of existing lenders. - Any express lender
    shall retain such designation unless the Administration
    determines that the express lender has violated the law or
    regulations promulgated by the Administration or modifies the
    requirements to be an express lender and the lender no longer
    satisfies those requirements.
      (D) Maximum loan amount. - The maximum loan amount under the
    Express Loan Program is $350,000.
      (E) Option to participate. - Except as otherwise provided in
    this paragraph, the Administration shall take no regulatory,
    policy, or administrative action, without regard to whether
    such action requires notification pursuant to paragraph (24),
    that has the effect of requiring a lender to make an express
    loan pursuant to subparagraph (D).
      (F) Express loans for renewable energy and energy efficiency.
    - 
        (i) Definitions. - In this subparagraph - 
          (I) the term "biomass" - 
            (aa) means any organic material that is available on a
          renewable or recurring basis, including - 
              (AA) agricultural crops;
              (BB) trees grown for energy production;
              (CC) wood waste and wood residues;
              (DD) plants (including aquatic plants and grasses);
              (EE) residues;
              (FF) fibers;
              (GG) animal wastes and other waste materials; and
              (HH) fats, oils, and greases (including recycled
            fats, oils, and greases); and

            (bb) does not include - 
              (AA) paper that is commonly recycled; or
              (BB) unsegregated solid waste;

          (II) the term "energy efficiency project" means the
        installation or upgrading of equipment that results in a
        significant reduction in energy usage; and
          (III) the term "renewable energy system" means a system
        of energy derived from - 
            (aa) a wind, solar, biomass (including biodiesel), or
          geothermal source; or
            (bb) hydrogen derived from biomass or water using an
          energy source described in item (aa).

        (ii) Loans. - The Administrator may make a loan under the
      Express Loan Program for the purpose of - 
          (I) purchasing a renewable energy system; or
          (II) carrying out an energy efficiency project for a
        small business concern.

    (32) (!4) Loans for energy efficient technologies. - 

      (A) Definitions. - In this paragraph - 
        (i) the term "cost" has the meaning given that term in
      section 661a of title 2;
        (ii) the term "covered energy efficiency loan" means a loan
      - 
          (I) made under this subsection; and
          (II) the proceeds of which are used to purchase energy
        efficient designs, equipment, or fixtures, or to reduce the
        energy consumption of the borrower by 10 percent or more;
        and

        (iii) the term "pilot program" means the pilot program
      established under subparagraph (B) (!5)


      (B) Establishment. - The Administrator shall establish and
    carry out a pilot program under which the Administrator shall
    reduce the fees for covered energy efficiency loans.
      (C) Duration. - The pilot program shall terminate at the end
    of the second full fiscal year after the date that the
    Administrator establishes the pilot program.
      (D) Maximum participation. - A covered energy efficiency loan
    shall include the maximum participation levels by the
    Administrator permitted for loans made under this subsection.
      (E) Fees. - 
        (i) In general. - The fee on a covered energy efficiency
      loan shall be equal to 50 percent of the fee otherwise
      applicable to that loan under paragraph (18).
        (ii) Waiver. - The Administrator may waive clause (i) for a
      fiscal year if - 
          (I) for the fiscal year before that fiscal year, the
        annual rate of default of covered energy efficiency loans
        exceeds that of loans made under this subsection that are
        not covered energy efficiency loans;
          (II) the cost to the Administration of making loans under
        this subsection is greater than zero and such cost is
        directly attributable to the cost of making covered energy
        efficiency loans; and
          (III) no additional sources of revenue authority are
        available to reduce the cost of making loans under this
        subsection to zero.

        (iii) Effect of waiver. - If the Administrator waives the
      reduction of fees under clause (ii), the Administrator - 
          (I) shall not assess or collect fees in an amount greater
        than necessary to ensure that the cost of the program under
        this subsection is not greater than zero; and
          (II) shall reinstate the fee reductions under clause (i)
        when the conditions in clause (ii) no longer apply.

        (iv) No increase of fees. - The Administrator shall not
      increase the fees under paragraph (18) on loans made under
      this subsection that are not covered energy efficiency loans
      as a direct result of the pilot program.

      (F) GAO report. - 
        (i) In general. - Not later than 1 year after the date that
      the pilot program terminates, the Comptroller General of the
      United States shall submit to the Committee on Small Business
      of the House of Representatives and the Committee on Small
      Business and Entrepreneurship of the Senate a report on the
      pilot program.
        (ii) Contents. - The report submitted under clause (i)
      shall include - 
          (I) the number of covered energy efficiency loans for
        which fees were reduced under the pilot program;
          (II) a description of the energy efficiency savings with
        the pilot program;
          (III) a description of the impact of the pilot program on
        the program under this subsection;
          (IV) an evaluation of the efficacy and potential fraud
        and abuse of the pilot program; and
          (V) recommendations for improving the pilot program.

    (32) (!4) Increased veteran participation program. - 
      (A) Definitions. - In this paragraph - 
        (i) the term "cost" has the meaning given that term in
      section 661a of title 2;
        (ii) the term "pilot program" means the pilot program
      established under subparagraph (B); and
        (iii) the term "veteran participation loan" means a loan
      made under this subsection to a small business concern owned
      and controlled by veterans of the Armed Forces or members of
      the reserve components of the Armed Forces.

      (B) Establishment. - The Administrator shall establish and
    carry out a pilot program under which the Administrator shall
    reduce the fees for veteran participation loans.
      (C) Duration. - The pilot program shall terminate at the end
    of the second full fiscal year after the date that the
    Administrator establishes the pilot program.
      (D) Maximum participation. - A veteran participation loan
    shall include the maximum participation levels by the
    Administrator permitted for loans made under this subsection.
      (E) Fees. - 
        (i) In general. - The fee on a veteran participation loan
      shall be equal to 50 percent of the fee otherwise applicable
      to that loan under paragraph (18).
        (ii) Waiver. - The Administrator may waive clause (i) for a
      fiscal year if - 
          (I) for the fiscal year before that fiscal year, the
        annual estimated rate of default of veteran participation
        loans exceeds that of loans made under this subsection that
        are not veteran participation loans;
          (II) the cost to the Administration of making loans under
        this subsection is greater than zero and such cost is
        directly attributable to the cost of making veteran
        participation loans; and
          (III) no additional sources of revenue authority are
        available to reduce the cost of making loans under this
        subsection to zero.

        (iii) Effect of waiver. - If the Administrator waives the
      reduction of fees under clause (ii), the Administrator - 
          (I) shall not assess or collect fees in an amount greater
        than necessary to ensure that the cost of the program under
        this subsection is not greater than zero; and
          (II) shall reinstate the fee reductions under clause (i)
        when the conditions in clause (ii) no longer apply.

        (iv) No increase of fees. - The Administrator shall not
      increase the fees under paragraph (18) on loans made under
      this subsection that are not veteran participation loans as a
      direct result of the pilot program.

      (F) GAO report. - 
        (i) In general. - Not later than 1 year after the date that
      the pilot program terminates, the Comptroller General of the
      United States shall submit to the Committee on Small Business
      of the House of Representatives and the Committee on Small
      Business and Entrepreneurship of the Senate a report on the
      pilot program.
        (ii) Contents. - The report submitted under clause (i)
      shall include - 
          (I) the number of veteran participation loans for which
        fees were reduced under the pilot program;
          (II) a description of the impact of the pilot program on
        the program under this subsection;
          (III) an evaluation of the efficacy and potential fraud
        and abuse of the pilot program; and
          (IV) recommendations for improving the pilot program.
(b) Disaster loans; authorization, scope, terms and conditions,
  etc.
  Except as to agricultural enterprises as defined in section
647(b)(1) of this title, the Administration also is empowered to
the extent and in such amounts as provided in advance in
appropriation Acts - 
    (1)(A) to make such loans (either directly or in cooperation
  with banks or other lending institutions through agreements to
  participate on an immediate or deferred (guaranteed) basis) as
  the Administration may determine to be necessary or appropriate
  to repair, rehabilitate or replace property, real or personal,
  damaged or destroyed by or as a result of natural or other
  disasters: Provided, That such damage or destruction is not
  compensated for by insurance or otherwise: And provided further,
  That the Administration may increase the amount of the loan by up
  to an additional 20 per centum of the aggregate costs of such
  damage or destruction (whether or not compensated for by
  insurance or otherwise) if it determines such increase to be
  necessary or appropriate in order to protect the damaged or
  destroyed property from possible future disasters by taking
  mitigating measures, including, but not limited to, construction
  of retaining walls and sea walls, grading and contouring land,
  relocating utilities and modifying structures;
    (B) to refinance any mortgage or other lien against a totally
  destroyed or substantially damaged home or business concern:
  Provided, That no loan or guarantee shall be extended unless the
  Administration finds that (i) the applicant is not able to obtain
  credit elsewhere; (ii) such property is to be repaired,
  rehabilitated, or replaced; (iii) the amount refinanced shall not
  exceed the amount of physical loss sustained; and (iv) such
  amounts shall be reduced to the extent such mortgage or lien is
  satisfied by insurance or otherwise; and
    (C) during fiscal years 2000 through 2004, to establish a
  predisaster mitigation program to make such loans (either
  directly or in cooperation with banks or other lending
  institutions through agreements to participate on an immediate or
  deferred (guaranteed) basis), as the Administrator may determine
  to be necessary or appropriate, to enable small businesses to use
  mitigation techniques in support of a formal mitigation program
  established by the Federal Emergency Management Agency, except
  that no loan or guarantee may be extended to a small business
  under this subparagraph unless the Administration finds that the
  small business is otherwise unable to obtain credit for the
  purposes described in this subparagraph;
    (2) to make such loans (either directly or in cooperation with
  banks or other lending institutions through agreements to
  participate on an immediate or deferred (guaranteed) basis) as
  the Administration may determine to be necessary or appropriate
  to any small business concern, private nonprofit organization, or
  small agricultural cooperative located in an area affected by a
  disaster,(!6) (including drought), with respect to both farm-
  related and nonfarm-related small business concerns, if the
  Administration determines that the concern, the organization, or
  the cooperative has suffered a substantial economic injury as a
  result of such disaster and if such disaster constitutes - 

      (A) a major disaster, as determined by the President under
    the Robert T. Stafford Disaster Relief and Emergency Assistance
    Act (42 U.S.C. 5121 et seq.); or
      (B) a natural disaster, as determined by the Secretary of
    Agriculture pursuant to 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; or
      (C) a disaster, as determined by the Administrator of the
    Small Business Administration; or
      (D) if no disaster declaration has been issued pursuant to
    subparagraph (A), (B), or (C), the Governor of a State in which
    a disaster has occurred may certify to the Small Business
    Administration that small business concerns, private nonprofit
    organizations, or small agricultural cooperatives (1) have
    suffered economic injury as a result of such disaster, and (2)
    are in need of financial assistance which is not available on
    reasonable terms in the disaster stricken area. 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,(!7) and may then make such loans as would have been
    available under this paragraph if a disaster declaration had
    been issued.


  Provided, That no loan or guarantee shall be extended pursuant to
  this paragraph (2) unless the Administration finds that the
  applicant is not able to obtain credit elsewhere.
    (3)(A) In this paragraph - 
      (i) 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;
      (ii) the term "period of military conflict" has the meaning
    given the term in subsection (n)(1) of this section; and
      (iii) the term "substantial economic injury" means an
    economic harm to a business concern that results in the
    inability of the business concern - 
        (I) to meet its obligations as they mature;
        (II) to pay its ordinary and necessary operating expenses;
      or
        (III) to market, produce, or provide a product or service
      ordinarily marketed, produced, or provided by the business
      concern.

    (B) The Administration may make such disaster loans (either
  directly or in cooperation with banks or other lending
  institutions through agreements to participate on an immediate or
  deferred basis) to assist a small business concern that has
  suffered or that is likely to suffer substantial economic injury
  as the result of an essential employee of such small business
  concern being ordered to active military duty during a period of
  military conflict.
    (C) A small business concern described in subparagraph (B)
  shall be eligible to apply for assistance under this paragraph
  during the period beginning on the date on which the essential
  employee is ordered to active duty and ending on the date that is
  1 year after the date on which such essential employee is
  discharged or released from active duty. 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.
    (D) Any loan or guarantee extended pursuant to this paragraph
  shall be made at the same interest rate as economic injury loans
  under paragraph (2).
    (E) No loan may be made under this paragraph, either directly
  or in cooperation with banks or other lending institutions
  through agreements to participate on an immediate or deferred
  basis, if the total amount outstanding and committed to the
  borrower under this subsection would exceed $1,500,000, unless
  such applicant constitutes, or have (!8) become due to changed
  economic circumstances, a major source of employment in its
  surrounding area, as determined by the Administration, in which
  case the Administration, in its discretion, may waive the
  $1,500,000 limitation.

    (F) For purposes of assistance under this paragraph, no
  declaration of a disaster area shall be required.
    (G)(i) Notwithstanding any other provision of law, the
  Administrator may make a loan under this paragraph of not more
  than $50,000 without collateral.
    (ii) The Administrator may defer payment of principal and
  interest on a loan described in clause (i) during the longer of -
  
      (I) the 1-year period beginning on the date of the initial
    disbursement of the loan; and
      (II) the period during which the relevant essential employee
    is on active duty.

    (H) The Administrator shall give priority to any application
  for a loan under this paragraph and shall process and make a
  determination regarding such applications prior to processing or
  making a determination on other loan applications under this
  subsection, on a rolling basis.
    (4) Coordination with fema. - 
      (A) In general. - Notwithstanding any other provision of law,
    for any disaster declared under this subsection or major
    disaster (including any major disaster relating to which the
    Administrator declares eligibility for additional disaster
    assistance under paragraph (9)), the Administrator, in
    consultation with the Administrator of the Federal Emergency
    Management Agency, shall ensure, to the maximum extent
    practicable, that all application periods for disaster relief
    under this chapter correspond with application deadlines
    established under the Robert T. Stafford Disaster Relief and
    Emergency Assistance Act (42 U.S.C. 5121 et seq.), or as
    extended by the President.
      (B) Deadlines. - Notwithstanding any other provision of law,
    not later than 10 days before the closing date of an
    application period for a major disaster (including any major
    disaster relating to which the Administrator declares
    eligibility for additional disaster assistance under paragraph
    (9)), the Administrator, in consultation with the Administrator
    of the Federal Emergency Management Agency, shall submit to the
    Committee on Small Business and Entrepreneurship of the Senate
    and the Committee on Small Business of the House of
    Representatives a report that includes - 
        (i) the deadline for submitting applications for assistance
      under this chapter relating to that major disaster;
        (ii) information regarding the number of loan applications
      and disbursements processed by the Administrator relating to
      that major disaster for each day during the period beginning
      on the date on which that major disaster was declared and
      ending on the date of that report; and
        (iii) an estimate of the number of potential applicants
      that have not submitted an application relating to that major
      disaster.

    (5) Public awareness of disasters. - If a disaster is declared
  under this subsection or the Administrator declares eligibility
  for additional disaster assistance under paragraph (9), the
  Administrator shall make every effort to communicate through
  radio, television, print, and web-based outlets, all relevant
  information needed by disaster loan applicants, including - 
      (A) the date of such declaration;
      (B) cities and towns within the area of such declaration;
      (C) loan application deadlines related to such disaster;
      (D) all relevant contact information for victim services
    available through the Administration (including links to small
    business development center websites);
      (E) links to relevant Federal and State disaster assistance
    websites, including links to websites providing information
    regarding assistance available from the Federal Emergency
    Management Agency;
      (F) information on eligibility criteria for Administration
    loan programs, including where such applications can be found;
    and
      (G) application materials that clearly state the function of
    the Administration as the Federal source of disaster loans for
    homeowners and renters.

    (6) Authority for qualified private contractors. - 
      (A) Disaster loan processing. - The Administrator may enter
    into an agreement with a qualified private contractor, as
    determined by the Administrator, to process loans under this
    subsection in the event of a major disaster (including any
    major disaster relating to which the Administrator declares
    eligibility for additional disaster assistance under paragraph
    (9)), under which the Administrator shall pay the contractor a
    fee for each loan processed.
      (B) Loan loss verification services. - The Administrator may
    enter into an agreement with a qualified lender or loss
    verification professional, as determined by the Administrator,
    to verify losses for loans under this subsection in the event
    of a major disaster (including any major disaster relating to
    which the Administrator declares eligibility for additional
    disaster assistance under paragraph (9)), under which the
    Administrator shall pay the lender or verification professional
    a fee for each loan for which such lender or verification
    professional verifies losses.

    (7) Disaster assistance employees. - 
      (A) In general. - In carrying out this section, the
    Administrator may, where practicable, ensure that the number of
    full-time equivalent employees - 
        (i) in the Office of the Disaster Assistance is not fewer
      than 800; and
        (ii) in the Disaster Cadre of the Administration is not
      fewer than 1,000.

      (B) Report. - In carrying out this subsection, if the number
    of full-time employees for either the Office of Disaster
    Assistance or the Disaster Cadre of the Administration is below
    the level described in subparagraph (A) for that office, not
    later than 21 days after the date on which that staffing level
    decreased below the level described in subparagraph (A), the
    Administrator shall submit to the Committee on Appropriations
    and the Committee on Small Business and Entrepreneurship of the
    Senate and the Committee on Appropriations and Committee on
    Small Business of the House of Representatives, a report - 
        (i) detailing staffing levels on that date;
        (ii) requesting, if practicable and determined appropriate
      by the Administrator, additional funds for additional
      employees; and
        (iii) containing such additional information, as determined
      appropriate by the Administrator.

    (8) Increased loan caps. - 
      (A) Aggregate loan amounts. - Except as provided in
    subparagraph (B), and notwithstanding any other provision of
    law, the aggregate loan amount outstanding and committed to a
    borrower under this subsection may not exceed $2,000,000.
      (B) Waiver authority. - The Administrator may, at the
    discretion of the Administrator, increase the aggregate loan
    amount under subparagraph (A) for loans relating to a disaster
    to a level established by the Administrator, based on
    appropriate economic indicators for the region in which that
    disaster occurred.

    (9) Declaration of eligibility for additional disaster
  assistance. - 
      (A) In general. - If the President declares a major disaster,
    the Administrator may declare eligibility for additional
    disaster assistance in accordance with this paragraph.
      (B) Threshold. - A major disaster for which the Administrator
    declares eligibility for additional disaster assistance under
    this paragraph shall - 
        (i) have resulted in extraordinary levels of casualties or
      damage or disruption severely affecting the population
      (including mass evacuations), infrastructure, environment,
      economy, national morale, or government functions in an area;
        (ii) be comparable to the description of a catastrophic
      incident in the National Response Plan of the Administration,
      or any successor thereto, unless there is no successor to
      such plan, in which case this clause shall have no force or
      effect; and
        (iii) be of such size and scope that - 
          (I) the disaster assistance programs under the other
        paragraphs under this subsection are incapable of providing
        adequate and timely assistance to individuals or business
        concerns located within the disaster area; or
          (II) a significant number of business concerns outside
        the disaster area have suffered disaster-related
        substantial economic injury as a result of the incident.

      (C) Additional economic injury disaster loan assistance. - 
        (i) In general. - If the Administrator declares eligibility
      for additional disaster assistance under this paragraph, the
      Administrator may make such loans under this subparagraph
      (either directly or in cooperation with banks or other
      lending institutions through agreements to participate on an
      immediate or deferred basis) as the Administrator determines
      appropriate to eligible small business concerns located
      anywhere in the United States.
        (ii) Processing time. - 
          (I) In general. - If the Administrator determines that
        the average processing time for applications for disaster
        loans under this subparagraph relating to a specific major
        disaster is more than 15 days, the Administrator shall give
        priority to the processing of such applications submitted
        by eligible small business concerns located inside the
        disaster area, until the Administrator determines that the
        average processing time for such applications is not more
        than 15 days.
          (II) Suspension of applications from outside disaster
        area. - If the Administrator determines that the average
        processing time for applications for disaster loans under
        this subparagraph relating to a specific major disaster is
        more than 30 days, the Administrator shall suspend the
        processing of such applications submitted by eligible small
        business concerns located outside the disaster area, until
        the Administrator determines that the average processing
        time for such applications is not more than 15 days.

        (iii) Loan terms. - A loan under this subparagraph shall be
      made on the same terms as a loan under paragraph (2).

      (D) Definitions. - In this paragraph - 
        (i) the term "disaster area" means the area for which the
      applicable major disaster was declared;
        (ii) the term "disaster-related substantial economic
      injury" means economic harm to a business concern that
      results in the inability of the business concern to - 
          (I) meet its obligations as it matures;
          (II) meet its ordinary and necessary operating expenses;
        or
          (III) market, produce, or provide a product or service
        ordinarily marketed, produced, or provided by the business
        concern because the business concern relies on materials
        from the disaster area or sells or markets in the disaster
        area; and

        (iii) the term "eligible small business concern" means a
      small business concern - 
          (I) that has suffered disaster-related substantial
        economic injury as a result of the applicable major
        disaster; and
          (II)(aa) for which not less than 25 percent of the market
        share of that small business concern is from business
        transacted in the disaster area;
          (bb) for which not less than 25 percent of an input into
        a production process of that small business concern is from
        the disaster area; or
          (cc) that relies on a provider located in the disaster
        area for a service that is not readily available elsewhere.

  No loan under this subsection, including renewals and extensions
thereof, may be made for a period or periods exceeding thirty
years: Provided, That the Administrator may consent to a suspension
in the payment of principal and interest charges on, and to an
extension in the maturity of, the Federal share of any loan under
this subsection for a period not to exceed five years, if (A) the
borrower under such loan is a homeowner or a small business
concern, (B) the loan was made to enable (i) such homeowner to
repair or replace his home, or (ii) such concern to repair or
replace plant or equipment which was damaged or destroyed as the
result of a disaster meeting the requirements of clause (A) or (B)
of paragraph (2) of this subsection, and (C) the Administrator
determines such action is necessary to avoid severe financial
hardship: Provided further, That the provisions of paragraph (1) of
subsection (d) of this section shall not be applicable to any such
loan having a maturity in excess of twenty years. 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) shall not exceed the average annual
interest rate on all interest-bearing obligations of the United
States then 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: Provided, however, That the interest rate for
loans made under paragraphs (1) and (2) hereof shall not exceed the
rate of interest which is in effect at the time of the occurrence
of the disaster. In agreements to participate in loans on a
deferred basis under this subsection, such participation by the
Administration shall not be in excess of 90 per centum of the
balance of the loan outstanding at the time of disbursement.
Notwithstanding any other provision of law, the interest rate on
the Administration's share of any loan made pursuant to paragraph
(1) of this subsection to repair or replace a primary residence
and/or replace or repair damaged or destroyed personal property,
less the amount of compensation by insurance or otherwise, with
respect to a disaster occurring on or after July 1, 1976, and prior
to October 1, 1978, shall be: 1 per centum on the amount of such
loan not exceeding $10,000, and 3 per centum on the amount of such
loan over $10,000 but not exceeding $40,000. The interest rate on
the Administration's share of the first $250,000 of all other loans
made pursuant to paragraph (1) of this subsection, with respect to
a disaster occurring on or after July 1, 1976, and prior to October
1, 1978, shall be 3 per centum. All repayments of principal on the
Administration's share of any loan made under the above provisions
shall fi

Legislative History

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Questions & Answers: Economic Development

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U.S. Code Provisions: Economic Development

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