[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[S. 2855 Introduced in Senate (IS)]

111th CONGRESS
  1st Session
                                S. 2855

    To reallocate a portion of the Troubled Asset Relief Program to 
                    increase lending to main street.


_______________________________________________________________________


                   IN THE SENATE OF THE UNITED STATES

                            December 9, 2009

 Mr. Menendez introduced the following bill; which was read twice and 
    referred to the Committee on Banking, Housing, and Urban Affairs

_______________________________________________________________________

                                 A BILL


 
    To reallocate a portion of the Troubled Asset Relief Program to 
                    increase lending to main street.

    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 ``Credit Retains Employees And 
Triggers Economic Growth and Jobs Act of 2009'' or the ``CREATE Growth 
and Jobs Act''.

SEC. 2. LOANS TO CREDITWORTHY SMALL BUSINESS CONCERNS.

    (a) Definitions.--In this section--
            (1) the term ``Administrator'' means the Administrator of 
        the Small Business Administration;
            (2) the terms ``credit elsewhere'' and ``small business 
        concern'' have the meanings given those terms under section 3 
        of the Small Business Act (15 U.S.C. 632); and
            (3) the term ``eligible small business concern'' means a 
        small business concern that the Administrator determines--
                    (A) is fiscally sound, including being 
                creditworthy; and
                    (B) is not able to obtain credit elsewhere.
    (b) Authority.--
            (1) In general.--The Administrator may make a loan to an 
        eligible small business concern for the operation, acquisition, 
        or expansion of an eligible small business concern.
            (2) Terms and conditions.--
                    (A) In general.--Except as provided in this 
                section, a loan made under paragraph (1) shall be made 
                on the same terms and conditions as a loan made under 
                section 7(b)(2) of the Small Business Act (15 U.S.C. 
                636(b)(2)).
                    (B) Terms.--A loan under paragraph (1)--
                            (i) shall be for not more than $1,500,000;
                            (ii) shall have a rate of interest of not 
                        more than the prime rate of interest (as such 
                        prime rate is determined from time to time by 
                        at least 75 percent of the 30 largest 
                        depository institutions in the Nation) plus 475 
                        basis points; and
                            (iii) shall be for a period of not longer 
                        than 25 years.
    (c) Maximum Amount for Program.--The Administrator may not make 
more than a total of $10,000,000,000 in loans under this section in any 
fiscal year.
    (d) Funding.--Of amounts made available under section 115(a) of the 
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5225(a)) that 
are not otherwise obligated, $20,000,000,000 shall be made available to 
the Administrator to carry out this section.
    (e) Termination of Authority.--The authority to make loans under 
this section shall terminate 2 years after the date of enactment of 
this Act.
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