Page:United States Statutes at Large Volume 106 Part 2.djvu/110

 106 STAT. 990 PUBLIC LAW 102-366 —SEPT. 4, 1992 (B) by redesignating clauses (i) through (viii) as subclauses (I) through (VIII), respectively; (C) in subclause (III), as redesignated, by striking "economic and luiemployment" and inserting "economic, poverty, and unemployment*'; (D) by amending subclause (VIII), as redesignated, to read as follows: "(VIII) any plan to involve other technical assistance providers (such as counselors from the Service Corps of Retired Executives or small business development centers) or private sector lenders in assisting selected business concerns."; and (E) by adding at the end the following: "(ii) SELECTION OF INTERMEDIARIES.— In selecting intermediaries to participate in the program established under this subsection, the Administration shall give priority to those applicants that provide loeins in amounts averaging not more thsm $7,500."; (3) by amending paragraph (3)(F) to read as follows: "(F) LOAN DURATION; INTEREST RATES. — "(i) LOAN DURATION.— Loans made by the Administration under this subsection shall be for a term of 10 years. "(ii) APPLICABLE INTEREST RATES.— Except as provided in clause (iii), loans made by the Administration under this subsection to an intermediary shall bear an interest rate equal to 1.25 percentage points below 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. "(iii) RATES APPLICABLE TO CERTAIN SMALL LOANS.— Loans made by the Administration to an intermediary that makes loans to small business concerns and entrepreneurs averaging not more than $7,500, shall bear an interest rate that is 2 percentage points below 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. "(iv) RATES APPLICABLE TO MULTIPLE SITES OR OFFICES. —The interest rate prescribed in clause (ii) or (iii) shall apply to each separate loan-making site or office of 1 intermediary only if such site or office meets the requirements of that clause. "(v) RATE BASIS.— The applicable rate of interest under this paragraph shall— "(I) be applied retroactively for the first year of an intermediary's participation in the program, based upon the actual lending practices of the intermediary as determined by the Administration prior to the end of such year; and "(II) be based in the second and subsequent years of an intermediary's participation in the program, upon the actual lending practices of the intermediary during the term of the intermediary's participation in the program.

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