{"identifier":"/us/usc/t12/s5701","title":12,"num":"\u00a7\u202f5701.","heading":"Definitions","text":"\u00a7\u202f5701.\nDefinitions\nIn this chapter, the following definitions shall apply:\n(1)\nAppropriate committees of Congress\nThe term \u201cappropriate committees of Congress\u201d means\u2014\n(A) the Committee on Small Business and Entrepreneurship, the Committee on Agriculture, Nutrition, and Forestry, the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and\n(B) the Committee on Small Business, the Committee on Agriculture, the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Committee on Appropriations of the House of Representatives.\n(2)\nAppropriate Federal banking agency\nThe term \u201cappropriate Federal banking agency\u201d\u2014\n(A) has the same meaning as in\nsection 1813(q) of this title\n(B) includes the National Credit Union Administration Board in the case of any credit union the deposits of which are insured in accordance with the Federal Credit Union Act [\n12 U.S.C. 1751\n(3)\nEnrolled loan\nThe term \u201cenrolled loan\u201d means a loan made by a financial institution lender that is enrolled by a participating State in an approved State capital access program in accordance with this chapter.\n(4)\nFederal contribution\nThe term \u201cFederal contribution\u201d 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\nsection 5702 of this title\n(5)\nFinancial institution\nThe term \u201cfinancial institution\u201d means any insured depository institution, insured credit union, or community development financial institution, as those terms are each defined in\nsection 4702 of this title\n(6)\nParticipating State\nThe term \u201cparticipating State\u201d means any State that has been approved for participation in the Program under\nsection 5703 of this title\n(7)\nProgram\nThe term \u201cProgram\u201d means the State Small Business Credit Initiative established under this chapter.\n(8)\nQualifying loan or swap funding facility\nThe term \u201cqualifying loan or swap funding facility\u201d means a contractual arrangement between a participating State and a private financial entity under which\u2014\n(A) the participating State delivers funds to the entity as collateral;\n(B) the entity provides funding from the arrangement back to the participating State; and\n(C) the full amount of resulting funding from the arrangement, less any fees and other costs of the arrangement, is contributed to, or for the account of, an approved State program.\n(9)\nReserve fund\nThe term \u201creserve fund\u201d means a fund, established by a participating State, dedicated to a particular financial institution lender, for the purposes of\u2014\n(A) depositing all required premium charges paid by the financial institution lender and by each borrower receiving a loan under an approved State program from that financial institution lender;\n(B) depositing contributions made by the participating State, including State contributions made with Federal contributions; and\n(C) covering losses on enrolled loans by disbursing accumulated funds.\n(10)\nState\nThe term \u201cState\u201d means\u2014\n(A) a State of the United States;\n(B) the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of Northern Mariana Islands, Guam, American Samoa, and the United States Virgin Islands;\n(C) when designated by a State of the United States, a political subdivision of that State that the Secretary determines has the capacity to participate in the Program;\n(D) under the circumstances described in\nsection 5703(d) of this title\nsection 5703(d) of this title\n(E) a Tribal government, or a group of Tribal governments that jointly apply for an allocation.\n(11)\nState capital access program\nThe term \u201cState capital access program\u201d means a program of a State that\u2014\n(A) uses public resources to promote private access to credit; and\n(B) meets the eligibility criteria in\nsection 5704(c) of this title\n(12)\nState other credit support program\nThe term \u201cState other credit support program\u201d\u2014\n(A) means a program of a State that\u2014\n(i) uses public resources to promote private access to credit;\n(ii) is not a State capital access program; and\n(iii) meets the eligibility criteria in\nsection 5705(c) of this title\n(B) includes, collateral support programs, loan participation programs, State-run venture capital fund programs, and credit guarantee programs.\n(13)\nState program\nThe term \u201cState program\u201d means a State capital access program or a State other credit support program.\n(14)\nSecretary\nThe term \u201cSecretary\u201d means the Secretary of the Treasury.\n(15)\nBusiness enterprise owned and controlled by socially and economically disadvantaged individuals\nThe term \u201cbusiness enterprise owned and controlled by socially and economically disadvantaged individuals\u201d means a business that\u2014\n(A) if privately owned, 51 percent is owned by one or more socially and economically disadvantaged individuals;\n(B) if publicly owned, 51 percent of the stock is owned by one or more socially and economically disadvantaged individuals; and\n(C) in the case of a mutual institution, a majority of the Board of Directors, account holders, and the community which the institution services is predominantly comprised of socially and economically disadvantaged individuals.\n(16)\nCommunity development financial institution\nThe term \u201ccommunity development financial institution\u201d has the meaning given that term under\nsection 4702 of this title\n(17)\nMinority depository institution\nThe term \u201cminority depository institution\u201d has the meaning given that term under section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.\n(18)\nSocially and economically disadvantaged individual\nThe term \u201csocially and economically disadvantaged individual\u201d means an individual who is a socially disadvantaged individual or an economically disadvantaged individual, as such terms are defined, respectively, under\nsection 637 of title 15\n(19)\nTribal government\nThe term \u201cTribal government\u201d means the recognized governing body of any Indian or Alaska Native tribe, band, nation, pueblo, village, community, component band, or component reservation, individually identified (including parenthetically) in the list published most recently as of\nMarch 11, 2021\nsection 5131 of title 25","url":"https://projectusc.org/usc/t12/s5701.html","content":[{"t":"sec","id":"/us/usc/t12/s5701","children":[{"t":"num","text":"\u00a7\u202f5701."},{"t":"heading","text":"Definitions","tail":"\n"},{"t":"chapeau","text":"In this chapter, the following definitions shall apply:"},{"t":"para","id":"/us/usc/t12/s5701/1","children":[{"t":"num","text":"(1)"},{"t":"heading","text":"Appropriate committees of Congress"},{"t":"chapeau","text":"The term \u201cappropriate committees of Congress\u201d means\u2014"},{"t":"subpara","id":"/us/usc/t12/s5701/1/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" the Committee on Small Business and Entrepreneurship, the Committee on Agriculture, Nutrition, and Forestry, the Committee on Banking, Housing, and Urban Affairs, the Committee on Finance, the Committee on the Budget, and the Committee on Appropriations of the Senate; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5701/1/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" the Committee on Small Business, the Committee on Agriculture, the Committee on Financial Services, the Committee on Ways and Means, the Committee on the Budget, and the Committee on Appropriations of the House of Representatives.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/2","children":[{"t":"num","text":"(2)"},{"t":"heading","text":"Appropriate Federal banking agency"},{"t":"chapeau","text":"The term \u201cappropriate Federal banking agency\u201d\u2014"},{"t":"subpara","id":"/us/usc/t12/s5701/2/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" has the same meaning as in ","children":[{"t":"ref","text":"section 1813(q) of this title","href":"/us/usc/t12/s1813/q","tail":"; and"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5701/2/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" includes the National Credit Union Administration Board in the case of any credit union the deposits of which are insured in accordance with the Federal Credit Union Act [","children":[{"t":"ref","text":"12 U.S.C. 1751","href":"/us/usc/t12/s1751","tail":" et seq.]."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/3","children":[{"t":"num","text":"(3)"},{"t":"heading","text":"Enrolled loan"},{"t":"content","children":[{"t":"p","text":"The term \u201cenrolled loan\u201d means a loan made by a financial institution lender that is enrolled by a participating State in an approved State capital access program in accordance with this chapter.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/4","children":[{"t":"num","text":"(4)"},{"t":"heading","text":"Federal contribution"},{"t":"content","children":[{"t":"p","text":"The term \u201cFederal contribution\u201d 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 ","children":[{"t":"ref","text":"section 5702 of this title","href":"/us/usc/t12/s5702","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/5","children":[{"t":"num","text":"(5)"},{"t":"heading","text":"Financial institution"},{"t":"content","children":[{"t":"p","text":"The term \u201cfinancial institution\u201d means any insured depository institution, insured credit union, or community development financial institution, as those terms are each defined in ","children":[{"t":"ref","text":"section 4702 of this title","href":"/us/usc/t12/s4702","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/6","children":[{"t":"num","text":"(6)"},{"t":"heading","text":"Participating State"},{"t":"content","children":[{"t":"p","text":"The term \u201cparticipating State\u201d means any State that has been approved for participation in the Program under ","children":[{"t":"ref","text":"section 5703 of this title","href":"/us/usc/t12/s5703","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/7","children":[{"t":"num","text":"(7)"},{"t":"heading","text":"Program"},{"t":"content","children":[{"t":"p","text":"The term \u201cProgram\u201d means the State Small Business Credit Initiative established under this chapter.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/8","children":[{"t":"num","text":"(8)"},{"t":"heading","text":"Qualifying loan or swap funding facility"},{"t":"chapeau","text":"The term \u201cqualifying loan or swap funding facility\u201d means a contractual arrangement between a participating State and a private financial entity under which\u2014"},{"t":"subpara","id":"/us/usc/t12/s5701/8/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" the participating State delivers funds to the entity as collateral;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5701/8/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" the entity provides funding from the arrangement back to the participating State; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5701/8/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" the full amount of resulting funding from the arrangement, less any fees and other costs of the arrangement, is contributed to, or for the account of, an approved State program.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/9","children":[{"t":"num","text":"(9)"},{"t":"heading","text":"Reserve fund"},{"t":"chapeau","text":"The term \u201creserve fund\u201d means a fund, established by a participating State, dedicated to a particular financial institution lender, for the purposes of\u2014"},{"t":"subpara","id":"/us/usc/t12/s5701/9/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" depositing all required premium charges paid by the financial institution lender and by each borrower receiving a loan under an approved State program from that financial institution lender;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5701/9/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" depositing contributions made by the participating State, including State contributions made with Federal contributions; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5701/9/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" covering losses on enrolled loans by disbursing accumulated funds.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/10","children":[{"t":"num","text":"(10)"},{"t":"heading","text":"State"},{"t":"chapeau","text":"The term \u201cState\u201d means\u2014"},{"t":"subpara","id":"/us/usc/t12/s5701/10/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" a State of the United States;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5701/10/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" the District of Columbia, the Commonwealth of Puerto Rico, the Commonwealth of Northern Mariana Islands, Guam, American Samoa, and the United States Virgin Islands;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5701/10/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" when designated by a State of the United States, a political subdivision of that State that the Secretary determines has the capacity to participate in the Program;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5701/10/D","children":[{"t":"num","text":"(D)"},{"t":"content","text":" under the circumstances described in ","children":[{"t":"ref","text":"section 5703(d) of this title","href":"/us/usc/t12/s5703/d","tail":", a municipality of a State of the United States to which the Secretary has given a special permission under "},{"t":"ref","text":"section 5703(d) of this title","href":"/us/usc/t12/s5703/d","tail":"; and"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5701/10/E","children":[{"t":"num","text":"(E)"},{"t":"content","text":" a Tribal government, or a group of Tribal governments that jointly apply for an allocation.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/11","children":[{"t":"num","text":"(11)"},{"t":"heading","text":"State capital access program"},{"t":"chapeau","text":"The term \u201cState capital access program\u201d means a program of a State that\u2014"},{"t":"subpara","id":"/us/usc/t12/s5701/11/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" uses public resources to promote private access to credit; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5701/11/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" meets the eligibility criteria in ","children":[{"t":"ref","text":"section 5704(c) of this title","href":"/us/usc/t12/s5704/c","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/12","children":[{"t":"num","text":"(12)"},{"t":"heading","text":"State other credit support program"},{"t":"chapeau","text":"The term \u201cState other credit support program\u201d\u2014"},{"t":"subpara","id":"/us/usc/t12/s5701/12/A","children":[{"t":"num","text":"(A)"},{"t":"chapeau","text":" means a program of a State that\u2014"},{"t":"clause","id":"/us/usc/t12/s5701/12/A/i","children":[{"t":"num","text":"(i)"},{"t":"content","text":" uses public resources to promote private access to credit;","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5701/12/A/ii","children":[{"t":"num","text":"(ii)"},{"t":"content","text":" is not a State capital access program; and","tail":"\n"}],"tail":"\n"},{"t":"clause","id":"/us/usc/t12/s5701/12/A/iii","children":[{"t":"num","text":"(iii)"},{"t":"content","text":" meets the eligibility criteria in ","children":[{"t":"ref","text":"section 5705(c) of this title","href":"/us/usc/t12/s5705/c","tail":"; and"}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5701/12/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" includes, collateral support programs, loan participation programs, State-run venture capital fund programs, and credit guarantee programs.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/13","children":[{"t":"num","text":"(13)"},{"t":"heading","text":"State program"},{"t":"content","children":[{"t":"p","text":"The term \u201cState program\u201d means a State capital access program or a State other credit support program.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/14","children":[{"t":"num","text":"(14)"},{"t":"heading","text":"Secretary"},{"t":"content","children":[{"t":"p","text":"The term \u201cSecretary\u201d means the Secretary of the Treasury.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/15","children":[{"t":"num","text":"(15)"},{"t":"heading","text":"Business enterprise owned and controlled by socially and economically disadvantaged individuals"},{"t":"chapeau","text":"The term \u201cbusiness enterprise owned and controlled by socially and economically disadvantaged individuals\u201d means a business that\u2014"},{"t":"subpara","id":"/us/usc/t12/s5701/15/A","children":[{"t":"num","text":"(A)"},{"t":"content","text":" if privately owned, 51 percent is owned by one or more socially and economically disadvantaged individuals;","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5701/15/B","children":[{"t":"num","text":"(B)"},{"t":"content","text":" if publicly owned, 51 percent of the stock is owned by one or more socially and economically disadvantaged individuals; and","tail":"\n"}],"tail":"\n"},{"t":"subpara","id":"/us/usc/t12/s5701/15/C","children":[{"t":"num","text":"(C)"},{"t":"content","text":" in the case of a mutual institution, a majority of the Board of Directors, account holders, and the community which the institution services is predominantly comprised of socially and economically disadvantaged individuals.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/16","children":[{"t":"num","text":"(16)"},{"t":"heading","text":"Community development financial institution"},{"t":"content","children":[{"t":"p","text":"The term \u201ccommunity development financial institution\u201d has the meaning given that term under ","children":[{"t":"ref","text":"section 4702 of this title","href":"/us/usc/t12/s4702","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/17","children":[{"t":"num","text":"(17)"},{"t":"heading","text":"Minority depository institution"},{"t":"content","children":[{"t":"p","text":"The term \u201cminority depository institution\u201d has the meaning given that term under section 308(b) of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989.","tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/18","children":[{"t":"num","text":"(18)"},{"t":"heading","text":"Socially and economically disadvantaged individual"},{"t":"content","children":[{"t":"p","text":"The term \u201csocially and economically disadvantaged individual\u201d means an individual who is a socially disadvantaged individual or an economically disadvantaged individual, as such terms are defined, respectively, under ","children":[{"t":"ref","text":"section 637 of title 15","href":"/us/usc/t15/s637","tail":" and the regulations thereunder."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"para","id":"/us/usc/t12/s5701/19","children":[{"t":"num","text":"(19)"},{"t":"heading","text":"Tribal government"},{"t":"content","children":[{"t":"p","text":"The term \u201cTribal government\u201d means the recognized governing body of any Indian or Alaska Native tribe, band, nation, pueblo, village, community, component band, or component reservation, individually identified (including parenthetically) in the list published most recently as of ","children":[{"t":"text","text":"March 11, 2021","tail":", pursuant to "},{"t":"ref","text":"section 5131 of title 25","href":"/us/usc/t25/s5131","tail":"."}],"tail":"\n"}],"tail":"\n"}],"tail":"\n"},{"t":"text","text":"\n"},{"t":"text","text":"\n"}]}]}