Page:United States Statutes at Large Volume 124.djvu/2539

 124 STAT. 2513 PUBLIC LAW 111–240—SEPT. 27, 2010 to enable the eligible intermediaries to provide loans to startup, newly established, and growing small business concerns for working capital, real estate, or the acquisition of materials, supplies, or equipment. ‘‘(4) LOANS TO ELIGIBLE INTERMEDIARIES.— ‘‘(A) APPLICATION.—Each eligible intermediary desiring a loan under this subsection shall submit an application to the Administrator that describes— ‘‘(i) the type of small business concerns to be assisted; ‘‘(ii) the size and range of loans to be made; ‘‘(iii) the interest rate and terms of loans to be made; ‘‘(iv) the geographic area to be served and the economic, poverty, and unemployment characteristics of the area; ‘‘(v) the status of small business concerns in the area to be served and an analysis of the availability of credit; and ‘‘(vi) the qualifications of the applicant to carry out this subsection. ‘‘(B) LOAN LIMITS.—No loan may be made to an eligible intermediary under this subsection if the total amount outstanding and committed to the eligible intermediary by the Administrator would, as a result of such loan, exceed $1,000,000 during the participation of the eligible inter- mediary in the Program. ‘‘(C) LOAN DURATION.—Loans made by the Adminis- trator under this subsection shall be for a term of 20 years. ‘‘(D) APPLICABLE INTEREST RATES.—Loans made by the Administrator to an eligible intermediary under the Pro- gram shall bear an annual interest rate equal to 1.00 percent. ‘‘(E) FEES; COLLATERAL.—The Administrator may not charge any fees or require collateral with respect to any loan made to an eligible intermediary under this sub- section. ‘‘(F) DELAYED PAYMENTS.—The Administrator shall not require the repayment of principal or interest on a loan made to an eligible intermediary under the Program during the 2-year period beginning on the date of the initial disbursement of funds under that loan. ‘‘(G) MAXIMUM PARTICIPANTS AND AMOUNTS.—During each of fiscal years 2011, 2012, and 2013, the Administrator may make loans under the Program— ‘‘(i) to not more than 20 eligible intermediaries; and ‘‘(ii) in a total amount of not more than $20,000,000. ‘‘(5) LOANS TO SMALL BUSINESS CONCERNS.— ‘‘(A) IN GENERAL.—The Administrator, through an eligible intermediary, shall make loans to startup, newly established, and growing small business concerns for working capital, real estate, and the acquisition of mate- rials, supplies, furniture, fixtures, and equipment.