S. 805 · 112th Congress
Rural Access to Credit Act of 2011
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
BaucusSponsor2 cosponsors · 2 D
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Rural Access to Credit Act of 2011 - Amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture (USDA) to use commercial lending standards in determining equity requirements for rural entity direct or guaranteed loans.
What it does: CRS summary · Introduced in Senate · Apr 13, 2011
Rural Access to Credit Act of 2011 - Amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture (USDA) to use commercial lending standards in determining equity requirements for rural entity direct or guaranteed loans.
Directs the Secretary, through December 31, 2012, to guarantee up to 90% of high priority business and industry loans up to $10 million. Authorizes the Secretary, beginning on January 1, 2013, to guarantee up to 80% or 90% of high priority business and industry loans up to $10 million. Directs the Secretary to guarantee related line-of-credit loans.
Authorizes business and industry loans to be used for refinancing.
Waives audit requirements for business and industry loans under $1 million. Authorizes audit waiver for loans of at least $1 million.
Directs the Secretary to use the Small Business Administration (SBA) calculation method in calculating the delinquency rate for business and industry loans.
Expresses the sense of Congress that in allocating discretionary funds the Secretary should give priority to the rural microentrepreneur assistance program.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Rural Access to Credit Act of 2011
Latest action (Apr 13, 2011): Read twice and referred to the Committee on Agriculture, Nutrition, and Forestry.
Policy area: Agriculture and Food · Origin: Senate · Introduced: Apr 13, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.