Page:United States Statutes at Large Volume 105 Part 1.djvu/859

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PUBLIC LAW 102-140—OCT. 28, 1991 105 STAT. 831 "(8) RURAL ASSISTANCE. —In funding microloan programs, the Administration shall ensure that at least one-half of the programs funded under this subsection will provide microloans to small business concerns located in rural areas. "(9) REPORT TO CONGRESS.— On November 1, 1995, the Administration shall submit to the Committees on Small Business of the Senate and the House of Representatives a report, including the Administration's evaluation of the effectiveness of the first ZVz years of the microloan demonstration program and the following: "(A) the numbers and locations of the intermediaries funded to conduct microloan programs; "(B) the amounts of each loan and each grant to intermediaries; "(C) a description of the matching contributions of each intermediary; "(D) the numbers and amounts of microloans made by the intermediaries to small business concern borrowers; "(E) the repayment history of each intermediary; "(F) a description of the loan portfolio of each intermediary including the extent to which it provides microloans to small business concerns in rural areas; and "(G) any recommendations for legislative changes that would improve program operations. "(10) DEFINITIONS.—For purposes of this subsection— "(A) the term 'intermediary' means a private, nonprofit entity or a nonprofit community development corporation that seeks to borrow or has borrowed funds from the Small Business Administration to make microloans to small business concerns under this subsection; "(B) the term 'microloan' means a short-term, fixed rate loan of not more than $25,000, made by an intermediary to a startup, newly established, or growing small business concern; "(C) the term 'rural area' means any political subdivision or unincorporated area— "(i) in a nonmetropolitan county (as defined by the Secretary of Agriculture) or its equivalent thereof; or "(ii) in a metropolitan county or its equivalent that has a resident population of less than 20,000 if the Small Business Administration has determined such political subdivision or area to be rural.", (i) REGULATIONS. — Not later than 90 days after the date of the 15 USC 636 note, enactment of this Act, the Small Business Administration shall promulgate interim final regulations to implement the microloan demonstration program. (j) PROGRAM TERMINATION.—The demonstration program estab- 15 USC 636 note, lished by subsection (h) shall terminate 5 years after the date of enactment of this Act. (k) PROGRAM FUNDING AND REPAYMENT OF LOANS.—Section 4(c) of the Small Business Act (15 U.S.C. 633(c)) is amended— (1) in paragraph (1), by striking "and 7(c)(2)" and inserting "7(c)(2), and 7(m)^'; and (2) in paragraph (2), by striking "and 8(a)" and inserting "7(m), and 8(a)". (1) AUTHORIZATION OF APPROPRIATIONS. — To carry out the demonstration program established under section 7(m) of the Small