[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[H.R. 4556 Introduced in House (IH)]
113th CONGRESS
2d Session
H. R. 4556
To help small businesses access capital and create jobs by
reauthorizing the successful State Small Business Credit Initiative.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
May 1, 2014
Mr. Peters of Michigan (for himself, Mr. Levin, Ms. Waters, Mr.
Conyers, Mr. Dingell, and Mr. Kildee) introduced the following bill;
which was referred to the Committee on Financial Services
_______________________________________________________________________
A BILL
To help small businesses access capital and create jobs by
reauthorizing the successful State Small Business Credit Initiative.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Small Business Access to Capital Act
of 2014''.
SEC. 2. NEW TRANCHES OF CAPITAL FOR SUCCESSFUL STATE PROGRAMS.
Section 3003 of the Small Business Jobs Act of 2010 (12 U.S.C.
5702) is amended by adding at the end the following:
``(d) Additional Allocation and Competitive Awards.--
``(1) Definitions.--In this subsection--
``(A) the term `eligible participating State' means
a participating State that has certified to the
Secretary that the State has expended, transferred, or
obligated not less than 80 percent of the second \1/3\
of the 2010 allocation transferred to the State under
subsection (c)(1)(A)(iii); and
``(B) the term `unused funds' means--
``(i) amounts made available to the
Secretary under clause (i)(II) or (ii)(II) of
paragraph (2)(E); and
``(ii) amounts made available to the
Secretary under paragraph (4)(B)(ii).
``(2) Allocation for 2010 participating states.--
``(A) Allocation.--Of the amount made available
under paragraph (6)(D), the Secretary shall allocate a
total of $500,000,000 among eligible participating
States in the same ratio as funds were allocated under
the 2010 allocation under subsection (b)(1) among
participating States.
``(B) Application.--An eligible participating State
desiring to receive funds allocated under this
paragraph shall submit an application--
``(i) not later than the later of--
``(I) June 30, 2015; or
``(II) the date that is 6 months
after the date of enactment of the
Small Business Access to Capital Act of
2014; and
``(ii) in such manner and containing such
information as the Secretary may require.
``(C) Availability of allocated amount.--
Notwithstanding subsection (c)(1), after an eligible
participating State approved by the Secretary to
receive an allocation under this paragraph has
certified to the Secretary that the eligible
participating State has expended, transferred, or
obligated not less than 80 percent of the last \1/3\ of
the 2010 allocation to the eligible participating
State, the Secretary shall transfer to the eligible
participating State the funds allocated to the eligible
participating State under this paragraph.
``(D) Use of transferred funds.--An eligible
participating State may use funds transferred under
this paragraph for any purpose authorized under
subparagraph (A) or (B) of subsection (c)(3).
``(E) Termination of availability of amounts.--
``(i) In general.--If an eligible
participating State has not certified to the
Secretary that the State has expended,
transferred, or obligated not less than 80
percent of the last \1/3\ of the 2010
allocation as of the date that is 2 years after
the date on which the Secretary approves the
eligible participating State to receive an
allocation under this paragraph, any amounts
allocated to the eligible participating State
under this paragraph--
``(I) may not be transferred to the
eligible participating State under this
paragraph; and
``(II) shall be available to the
Secretary to make awards under
paragraph (4).
``(ii) Other amounts.--Effective on the
date that is 2 years after the date of
enactment of the Small Business Access to
Capital Act of 2014, any amounts allocated
under this paragraph to a participating State
that, as of such date, is not an eligible
participating State or to an eligible
participating State that did not submit an
application under subparagraph (B) or was not
approved by the Secretary to receive an
allocation under this paragraph--
``(I) may not be transferred to an
eligible participating State under this
paragraph; and
``(II) shall be available to the
Secretary to make awards under
paragraph (4).
``(3) Competitive funding.--
``(A) In general.--Of the amount made available
under paragraph (6)(D), the Secretary may award, on a
competitive basis, not more than a total of
$1,000,000,000 to participating States and consortiums
of participating States for use for any purpose
authorized under subparagraph (A) or (B) of subsection
(c)(3).
``(B) Application.--
``(i) In general.--A participating State or
consortium of participating States desiring to
receive an award under this paragraph shall
submit an application--
``(I) not later than the date
established by the Secretary, which
shall be not later than the date that
is 1 year after the date of enactment
of the Small Business Access to Capital
Act of 2014; and
``(II) in such manner and
containing such information as the
Secretary may require.
``(ii) Number of applications.--A
participating State may submit not more than 1
application on behalf of the participating
State and not more than 1 application as part
of a consortium of participating States.
``(iii) States that did not participate.--A
State that is not a participating State may
apply to the Secretary for approval to be a
participating State for purposes of this
paragraph and paragraph (4), in accordance with
section 3004.
``(C) Factors.--In determining whether to make an
award to a participating State or consortium of
participating States under this paragraph, the
Secretary shall consider--
``(i) how the participating State or
consortium of participating States plan to use
amounts provided under the award under the
approved State program to--
``(I) leverage private sector
capital;
``(II) create and retain jobs
during the 2-year period beginning on
the date of the award;
``(III) serve businesses that have
been incorporated or in operation for
not more than 5 years; and
``(IV) serve low-or-moderate-income
communities;
``(ii) the extent to which the
participating State or consortium of
participating States will establish or continue
a robust self-evaluation of the activities of
the participating State or consortium of
participating States using amounts made
available under this title;
``(iii) the extent to which the
participating State or consortium of
participating States will provide non-Federal
funds in excess of the amount required under
subparagraph (E); and
``(iv) the extent to which the
participating State expended, obligated, or
transferred the 2010 allocation to the State.
``(D) Award of funds.--
``(i) First tranche.--Notwithstanding
subsection (c)(1), and not later than 30 days
after making an award under this paragraph to a
participating State or consortium of
participating States, the Secretary shall
transfer 50 percent of the amount of the award
to the participating State or consortium of
participating States.
``(ii) Second tranche.--After a
participating State or consortium of
participating States has certified to the
Secretary that the participating State or
consortium of participating States has
expended, transferred, or obligated not less
than 80 percent of the amount transferred under
clause (i), the Secretary shall transfer to the
participating State or consortium of
participating States the remaining amount of
the award.
``(E) State share.--The State share of the cost of
the activities, excluding administrative expenses,
carried out using an award under this paragraph shall
be not less than 10 percent. The Secretary may
determine what contributions by a State qualify as part
of the State share of the cost for purposes of this
subparagraph.
``(4) Award of unused funds.--
``(A) In general.--The Secretary may award, on a
competitive basis, unused funds to participating States
for use for any purpose authorized under subparagraph
(A) or (B) of subsection (c)(3).
``(B) Unused 2010 funds.--
``(i) In general.--The Secretary shall
determine whether any amounts allocated to a
participating State under subsection (b) shall
be deemed no longer allocated and no longer
available if a participating State has not
certified to the Secretary that the State has
expended, transferred, or obligated 80 percent
of the second \1/3\ of the 2010 allocation by
December 31, 2016.
``(ii) Availability.--Effective on the date
of the determination under clause (i), any
amounts identified in the determination that
were deemed no longer allocated and no longer
available to the participating State shall be
available to the Secretary to make awards under
this paragraph.
``(C) Application.--A participating State desiring
to receive an award under this paragraph shall submit
an application--
``(i) not later than 3 months after the
date on which funds are deemed no longer
allocated and no longer available to any
participating State; and
``(ii) in such manner and containing such
information as the Secretary may require.
``(D) Factors.--In determining whether to make an
award to a participating State under this paragraph,
the Secretary shall consider the factors described in
paragraph (3)(C).
``(E) Minimum amount.--The Secretary may not make
an award of less than $5,000,000 under this paragraph.
``(5) Extension of compliance and reporting.--
Notwithstanding section 3007(d), a participating State that
receives funds under paragraph (2), (3), or (4) shall submit
quarterly and annual reports containing the information
described in section 3007 until the end of the 8-year period
beginning on the date of enactment of the Small Business Access
to Capital Act of 2014.
``(6) Administration and implementation.--
``(A) Administrative expenses for participating
states.--A participating State may use not more than 3
percent of the amount made available to the
participating State under paragraph (2), (3), or (4)
for administrative expenses incurred by the
participating State in implementing an approved State
program.
``(B) Contracting.--During the 1-year period
beginning on the date of enactment of the Small
Business Access to Capital Act of 2014, and
notwithstanding any other provision of law relating to
public contracting, the Secretary may enter into
contracts to carry out this subsection.
``(C) Amounts not assistance.--Any amounts
transferred to a participating State under paragraph
(2), (3), or (4) shall not be considered assistance for
purposes of subtitle V of title 31, United States Code.
``(D) Appropriation.--There are appropriated to the
Secretary, out of any funds in the Treasury not
otherwise appropriated, $1,500,000,000 to carry out
this subsection, including to pay reasonable costs of
administering the programs under this subsection, to
remain available until expended.
``(E) Termination of secretary's program
administration functions.--The authorities and duties
of the Secretary to implement and administer the
program under this subsection shall terminate at the
end of the 8-year period beginning on the date of
enactment of the Small Business Access to Capital Act
of 2014.''.
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