To amend the Small Business Act and the Communications Act of 1934 to increase participation by small businesses in spectrum auctions conducted by the Federal Communications Commission.

Amends the Small Business Act to establish within the Small Business Administration (SBA) an Associate Administrator for Telecommunications Finance (Associate Administrator) to supervise and manage SBA financing in the area of telecommunications. Authorizes the Associate Administrator to approve SBA loan guarantees with respect to Federal Communications Commission (FCC) spectrum licenses (for radio and television broadcasting) acquired in the secondary market. Establishes a Telecommunications Finance Office.

Establishes the Telecommunications Spectrum Installment Loan Program to: (1) make direct loans to qualified telecommunications borrowers (borrowers) for the acquisition of spectrum licenses through FCC auction; and (2) guarantee loans to borrowers for telecommunications equipment and working capital in connection with spectrum license acquisitions.

Establishes the Telecommunications Accelerated Certified Lender Program for the guarantee by certified lenders of loans made to borrowers for: (1) the acquisition of spectrum licenses through either FCC auction or the secondary market; and (2) telecommunications equipment and working capital in connection with spectrum license acquisitions. Requires certified lenders to be insured depository institutions approved by the SBA.

Amends the Communications Act of 1934 to: (1) establish the Telecommunications Loan Guarantee Fund for financing loans authorized under this Act; and (2) require the FCC, with respect to FCC spectrum auctions, to accept from a borrower a letter of credit in lieu of any upfront payment or other earnest money required by FCC regulation.