12 2 STA T . 11 75PUBLIC LA W 11 0– 2 34—M A Y 22 , 200 8‘ ‘ (i)INGE NE RAL.—TheS e cr e ta r ys ha l l m a k e g ra n ts t o microenter p rise d e v elopment organi z ations to pro - vide marketing , management, and other technical assistance to microentreprene u rs that— ‘‘(I) received a loan f rom the microenterprise development organization under paragraph ( 3 )
or ‘‘(II) are seeking a loan from the microenter- prise development organization under paragraph (3). ‘‘(ii) M A XIMU MAM O UN T O F GRANT.— A microenter- prise development organization shall b e eligible to receive an annual grant under this subparagraph in an amount e q ual to not more than 25 percent of the total outstanding balance of microloans made by the microenterprise development organization under para- graph (3), as of the date the grant is a w arded. ‘‘( C )A D MINI S TRATI V EEX P ENSES.— N ot more than 10 percent of a grant received by a microenterprise develop- ment organization for a fiscal year under this paragraph may be used to pay administrative e x penses. ‘‘(c) ADMINISTRATION.— ‘‘(1) COST S H ARE.— ‘‘(A) F EDERAL SHARE.—Sub j ect to subparagraph ( B ), the Federal share of the cost of a project funded under this section shall not exceed 7 5 percent. ‘‘(B) MAT C HING RE Q UIREMENT.—As a condition of any grant made under this subparagraph, the Secretary shall require the microenterprise development organization to match not less than 15 percent of the total amount of the grant in the form of matching funds, indirect costs, or in-kind goods or services. ‘‘(C) FORM OF NON-FEDERAL SHARE.—The non-Federal share of the cost of a project funded under this section may be provided— ‘‘(i) in cash (including through fees, grants (including community development block grants), and gifts); or ‘‘(ii) in the form of in-kind contributions. ‘‘(2) O VERSIGHT.—At a minimum, not later than D ecember 1 of each fiscal year, a microenterprise development organiza- tion that receives a loan or grant under this section shall provide to the Secretary such information as the Secretary may require to ensure that assistance provided under this section is used for the purposes for which the loan or grant was made. ‘‘(d) FUNDING.— ‘‘(1) MANDATOR Y FUNDING.—Of the funds of the Commodity Credit Corporation, the Secretary shall use to carry out this section, to remain available until expended— ‘‘(A) $4 ,000,000 for each of fiscal years 200 9 through 2011; and ‘‘(B) $3,000,000 for fiscal year 2012. ‘‘(2) DISCRETIONARY FUNDING.—In addition to amounts made available under paragraph (1), there are authorized to be appropriated to carry out this section $40,000,000 for each of fiscal years 2009 through 2012. ’ ’. Deadlin e .
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