Give Credit to Main Street Act of 2011

Give Credit to Main Street Act of 2011 - Directs the Administrator of the Small Business Administration (SBA) to establish and carry out a program of making loans directly to small businesses in operaton for at least two years. Limits loan amounts to the lesser of 10% of annual business revenues or $500,000.

[Congressional Bills 112th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3007 Introduced in House (IH)]

112th CONGRESS
  1st Session
                                H. R. 3007

  To direct the Administrator of the Small Business Administration to 
  establish and carry out a direct lending program for small business 
                   concerns, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                           September 21, 2011

 Mr. Yarmuth introduced the following bill; which was referred to the 
                      Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
  To direct the Administrator of the Small Business Administration to 
  establish and carry out a direct lending program for small business 
                   concerns, and for other purposes.

    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 ``Give Credit to Main Street Act of 
2011''.

SEC. 2. DIRECT LENDING PROGRAM FOR SMALL BUSINESS CONCERNS.

    (a) Establishment.--The Administrator of the Small Business 
Administration shall establish and carry out a loan program (in this 
section referred to as the ``program'') under which the Administrator 
is authorized to make loans directly to eligible small business 
concerns.
    (b) Loan Amount.--Each loan made to an eligible small business 
concern under the program shall be in an amount not exceeding the 
lesser of--
            (1) 10 percent of the annual revenues of such concern (as 
        determined by the Administrator of the Small Business 
        Administration); or
            (2) $500,000.
    (c) Loan Interest Rate.--The interest rate of a loan made under the 
program shall be equal to the discount window primary credit interest 
rate most recently published in the Federal Reserve Statistical Release 
on selected interest rates (daily or weekly), and commonly referred to 
as the H.15 release (or any successor publication), in the week 
preceding the making of such loan.
    (d) Payments on Principal.--A small business concern may not be 
required to make payments on the principal of a loan under the program 
during the 2-year period beginning on the date on which such loan is 
made.
    (e) Definitions.--In this section, the following definitions apply:
            (1) Eligible small business concern.--The term ``eligible 
        small business concern'' means a small business concern that 
        has been operating as a small business concern for at least 2 
        years prior to the receipt by the Administrator of an 
        application from such concern for a loan under the program.
            (2) Small business concern.--The term ``small business 
        concern'' has the meaning given such term under section 3(a) of 
        the Small Business Act (15 U.S.C. 632(a)).
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