A participating State that establishes a new, or has an existing, credit support program that meets the eligibility criteria in subsection (c) may apply to the Secretary to have the State other credit support program approved as eligible for Federal contributions to, or for the account of, the State program.
The Secretary shall approve such State other credit support program as eligible for Federal contributions to, or for the account of, the program if-
For a State other credit support program to be approved under this section, that program shall be required to be a program of the State that-
In making a determination that a State other credit support program is eligible for Federal contributions to, or for the account of, the State program, the Secretary shall take into account the following additional considerations:
A State other credit support program approved under this section will be eligible for receiving Federal contributions to, or for the account of, the State program in an amount consistent with the schedule describing the apportionment of allocated Federal funds among State programs delivered by the State to the Secretary under the allocation agreement.
The Secretary shall, by regulation or other guidance, prescribe Program requirements for approved State other credit support programs.
In prescribing minimum Program requirements for approved State other credit support programs, the Secretary shall take into consideration, to the extent the Secretary determines applicable and appropriate, the minimum Program requirements for approved State capital access programs in section 5704(e) of this title.
1 So in original. Probably should be "Secretary".
12 U.S.C. § 5705
EDITORIAL NOTES
AMENDMENTS2021-Subsec. (b)(4). Pub. L. 117-2 substituted "March 11, 2021" for "September 27, 2010".
STATUTORY NOTES AND RELATED SUBSIDIARIES
EFFECTIVE DATE OF 2021 AMENDMENT Amendment by Pub. L. 117-2 applicable with respect to funds appropriated under section 3301 of Pub. L. 117-2 and funds appropriated on and after Mar. 11, 2021, see section 3301(g) of Pub. L. 117-2 set out as a note under section 5701 of this title.
- Federal contribution
- 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.
- Program
- The term "Program" means the State Small Business Credit Initiative established under this chapter.
- Secretary
- The term "Secretary" means the Secretary of the Treasury.
- State program
- The term "State program" means a State capital access program or a State other credit support program.
- 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.
- financial institution
- 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.
- participating State
- The term "participating State" means any State that has been approved for participation in the Program under section 5703 of this title.