United States Code
USC most recently checked for updates: Sep 25, 2023
Subject to paragraph (2), the Secretary may establish a program to make or guarantee microloans.
The Secretary shall not make or guarantee a microloan under this subsection that would cause the total principal indebtedness outstanding at any 1 time for microloans made under this subsection to any 1 borrower to exceed $50,000.
To the maximum extent practicable, the Secretary shall limit the administrative burdens and streamline the application and approval process for microloans under this subsection.
Not less often than annually, on a date determined by the Secretary, an institution that has a loan under this paragraph shall provide to the Secretary such information as the Secretary may require to ensure that the services provided by the institution are serving the purposes of this subsection.
The Secretary shall not make more than $10,000,000 in loans under this paragraph in any fiscal year.