Rural Access to Credit Act of 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.