In this chapter, the following definitions shall apply:
The term "appropriate committees of Congress" means-
The term "appropriate Federal banking agency"-
The term "enrolled loan" means a loan made by a financial institution lender that is enrolled by a participating State in an approved State capital access program in accordance with this chapter.
The term "Federal contribution" means the portion of the contribution made by a participating State to, or for the account of, an approved State program that is made with Federal funds allocated to the State by the Secretary under section 5702 of this title.
The term "financial institution" means any insured depository institution, insured credit union, or community development financial institution, as those terms are each defined in section 4702 of this title.
The term "participating State" means any State that has been approved for participation in the Program under section 5703 of this title.
The term "Program" means the State Small Business Credit Initiative established under this chapter.
The term "qualifying loan or swap funding facility" means a contractual arrangement between a participating State and a private financial entity under which-
The term "reserve fund" means a fund, established by a participating State, dedicated to a particular financial institution lender, for the purposes of-
The term "State" means-
The term "State capital access program" means a program of a State that-
The term "State other credit support program"-
The term "State program" means a State capital access program or a State other credit support program.
The term "Secretary" means the Secretary of the Treasury.
The term "business enterprise owned and controlled by socially and economically disadvantaged individuals" means a business that-
The term "community development financial institution" has the meaning given that term under section 4702 of this title.
The term "minority depository institution" has the meaning given that term under section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.
The term "socially and economically disadvantaged individual" means an individual who is a socially disadvantaged individual or an economically disadvantaged individual, as such terms are defined, respectively, under section 637 of title 15 and the regulations thereunder.
The term "Tribal government" means the recognized governing body of any Indian or Alaska Native tribe, band, nation, pueblo, village, community, component band, or component reservation, individually identified (including parenthetically) in the list published most recently as of March 11, 2021, pursuant to section 5131 of title 25.
12 U.S.C. § 5701
EDITORIAL NOTES
REFERENCES IN TEXTThe Federal Credit Union Act, referred to in par. (2)(B), is act June 26, 1934, ch. 750, 48 Stat. 1216, which is classified principally to chapter 14 (§1751 et seq.) of this title. For complete classification of this Act to the Code, see section 1751 of this title and Tables.Section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989, referred to in par. (17), is section 308(b) of Pub. L. 101-73 which is set out in a note under section 1463 of this title.
AMENDMENTS2021-Par. (10)(E). Pub. L. 117-2, §3301(e), added subpar. (E).Pars. (15) to (19). Pub. L. 117-2, §3301(f), added pars. (15) to (19).
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2021 AMENDMENT Pub. L. 117-2, title III, §3301(g), Mar. 11, 2021, 135 Stat. 72, provided that: "The amendments made by this section [amending this section and sections 5702 to 5706, 5708, and 5710 of this title and enacting provisions set out as a note below] shall apply with respect to funds appropriated under this section and funds appropriated on and after the date of enactment of this section [Mar. 11, 2021]."
SHORT TITLE Pub. L. 111-240, title III, §30013001,, 124 Stat. 2568, provided that: "This title [enacting this chapter] may be cited as the 'State Small Business Credit Initiative Act of 2010'."
APPROPRIATION Pub. L. 117-2, title III, §3301(a)(2), Mar. 11, 2021, 135 Stat. 69, provided that:"(A) IN GENERAL.-In addition to amounts otherwise available, there is hereby appropriated to the Secretary of the Treasury for fiscal year 2021, out of any money in the Treasury not otherwise appropriated, $10,000,000,000, to remain available until expended, to provide support to small businesses responding to and recovering from the economic effects of the COVID-19 pandemic, ensure business enterprises owned and controlled by socially and economically disadvantaged individuals have access to credit and investments, provide technical assistance to help small businesses applying for various support programs, and to pay reasonable costs of administering such Initiative."(B) RESCISSION.-With respect to amounts appropriated under subparagraph (A)-"(i) the Secretary of the Treasury shall complete all disbursements and remaining obligations before September 30, 2030; and"(ii) any amounts that remain unexpended (whether obligated or unobligated) on September 30, 2030, shall be rescinded and deposited into the general fund of the Treasury."
- State
- The term "State" means any State, territory, or possession of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of the Northern Mariana Islands, Guam, American Samoa, or the United States Virgin Islands or any federally recognized Indian tribe, as defined by the Secretary of the Interior under section 5131(a) of title 25.
- credit
- The term "credit" means the right granted by a person to a consumer to defer payment of a debt, incur debt and defer its payment, or purchase property or services and defer payment for such purchase.