§5701 Definitions

Summary

Lists the meanings of important words used in the chapter. Appropriate committees of Congress — the named Senate committees (Small Business and Entrepreneurship; Agriculture, Nutrition, and Forestry; Banking, Housing, and Urban Affairs; Finance; Budget; Appropriations) and the named House committees (Small Business; Agriculture; Financial Services; Ways and Means; Budget; Appropriations). Appropriate Federal banking agency — the agency given that name in section 1813(q) and, for insured credit unions, the National Credit Union Administration Board. Enrolled loan — a loan a lender makes that a participating State signs up for an approved State capital access program. Federal contribution — the part of a State’s contribution that comes from Federal funds the Secretary gives under section 5702. Financial institution — an insured bank, an insured credit union, or a community development financial institution (see section 4702). Participating State — a State approved to take part in the Program. Program — the State Small Business Credit Initiative. Qualifying loan or swap funding facility — a contract where a State hands funds as collateral to a private entity, the entity returns funding to the State, and the full funding (minus fees/costs) is put into an approved State program. Reserve fund — a fund a State makes for a specific lender to hold premiums, State (and Federal) contributions, and to pay losses on enrolled loans. State — a U.S. State; the District of Columbia; Puerto Rico; Northern Mariana Islands; Guam; American Samoa; U.S. Virgin Islands; a political subdivision a State names and the Secretary approves; in certain cases a municipality the Secretary specially permits; and a Tribal government or group of Tribal governments that apply together. State capital access program — a State program that uses public money to help private access to credit and meets the rules in section 5704(c). State other credit support program — a State program that uses public money to help credit, is not a capital access program, meets the rules in section 5705(c), and includes collateral support, loan participation, State venture capital funds, and credit guarantees. State program — either a State capital access program or a State other credit support program. Secretary — the Secretary of the Treasury. Business enterprise owned and controlled by socially and economically disadvantaged individuals — a business where 51% is owned by such individuals (or 51% of stock for a public company), or for a mutual institution the board, account holders, and community are mostly socially and economically disadvantaged. Community development financial institution — as defined in section 4702. Minority depository institution — as defined in section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. Socially and economically disadvantaged individual — someone who meets the definitions of socially disadvantaged or economically disadvantaged under section 637 of title 15 and its rules. Tribal government — the recognized governing body of any Indian or Alaska Native tribe, band, nation, pueblo, village, community, component band, or component reservation listed most recently as of March 11, 2021 under section 5131 of title 25.