Page:United States Statutes at Large Volume 124.djvu/2538

 124 STAT. 2512 PUBLIC LAW 111–240—SEPT. 27, 2010 ‘‘(v) NONDELEGATION.—Notwithstanding section 508(e), the Administrator may not permit a premier certified lender to approve or disapprove an application for assistance under this subparagraph. ‘‘(vi) TOTAL AMOUNT OF LOANS.—The Administrator may provide not more than a total of $7,500,000,000 of financing under this subparagraph for each fiscal year.’’. (b) PROSPECTIVE REPEAL.—Ef fective 2 years after the date of enactment of this Act, section 502(7) of the Small Business Invest- ment Act of 1958 (15 U.S.C. 696(7)) is amended by striking subpara- graph (C). (c) TECHNICAL CORRECTION.—Section 502(2)(A)(i) of the Small Business Investment Act of 1958 (15 U.S.C. 696(2)(A)(i)) is amended by striking ‘‘subparagraph (B) or (C)’’ and inserting ‘‘clause (ii), (iii), (iv), or (v)’’. PART III—OTHER MATTERS SEC. 1131. SMALL BUSINESS INTERMEDIARY LENDING PILOT PRO- GRAM. (a) IN GENERAL.—Section 7 of the Small Business Act (15 U.S.C. 636) is amended by striking subsection (l) and inserting the following: ‘‘(l) SMALL BUSINESS INTERMEDIARY LENDING PILOT PROGRAM.— ‘‘(1) DEFINITIONS.—In this subsection— ‘‘(A) the term ‘eligible intermediary’— ‘‘(i) means a private, nonprofit entity that— ‘‘(I) seeks or has been awarded a loan from the Administrator to make loans to small business concerns under this subsection; and ‘‘(II) has not less than 1 year of experience making loans to startup, newly established, or growing small business concerns; and ‘‘(ii) includes— ‘‘(I) a private, nonprofit community develop- ment corporation; ‘‘(II) a consortium of private, nonprofit organizations or nonprofit community development corporations; and ‘‘(III) an agency of or nonprofit entity estab- lished by a Native American Tribal Government; and ‘‘(B) the term ‘Program’ means the small business inter- mediary lending pilot program established under paragraph (2). ‘‘(2) ESTABLISHMENT.—There is established a 3-year small business intermediary lending pilot program, under which the Administrator may make direct loans to eligible intermediaries, for the purpose of making loans to startup, newly established, and growing small business concerns. ‘‘(3) PURPOSES.—The purposes of the Program are— ‘‘(A) to assist small business concerns in areas suffering from a lack of credit due to poor economic conditions or changes in the financial market; and ‘‘(B) to establish a loan program under which the Administrator may provide loans to eligible intermediaries Effective date. 15 USC 696 note.