7 U.S. Code § 1943 - Limitations on amount of operating loans
Subject to paragraph (2), the Secretary may establish a program to make or guarantee microloans.
The Secretary shall not make or guarantee a microloan under this subsection that would cause the total principal indebtedness outstanding at any 1 time for microloans made under this chapter to any 1 borrower to exceed $50,000.
To the maximum extent practicable, the Secretary shall limit the administrative burdens and streamline the application and approval process for microloans under this subsection.
Not less often than annually, on a date determined by the Secretary, an institution that has a loan under this paragraph shall provide to the Secretary such information as the Secretary may require to ensure that the services provided by the institution are serving the purposes of this subsection.
For definition of “this chapter”, referred to in subsec. (c), see note set out under section 1921 of this title.
2014—Subsec. (c). Pub. L. 113–79 added subsec. (c).
2008—Subsec. (a)(1). Pub. L. 110–246, § 5102, substituted “$300,000” for “$200,000”.
1998—Pub. L. 105–277 inserted section catchline, designated existing provisions as subsec. (a), inserted heading, substituted “this subchapter—” for “this subchapter”, in introductory provisions, realigned margin of par. (1) and substituted “$700,000 (increased, beginning with fiscal year 2000, by the inflation percentage applicable to the fiscal year in which the loan is guaranteed and reduced by the unpaid indebtedness of the borrower on loans under the sections specified in section 1925 of this title that are guaranteed by the Secretary); or” for “$400,000; or”, realigned margin of par. (2), and added subsec. (b).
1984—Pub. L. 98–258 substituted “$200,000” and “$400,000” for “$100,000” and “$200,000”, respectively.
1978—Pub. L. 95–334 substituted provisions setting forth criteria for Secretary to make or insure loans under this subchapter for provisions setting forth criteria for Secretary to make loans under this subchapter.
1972—Pub. L. 92–419 substituted “$50,000” for “$35,000”.
1968—Pub. L. 90–488 struck out from item (1) the proviso which limited the amount to be used for loans which would cause the indebtedness of any borrower to exceed $15,000 to 25 per centum of the sums made available for loans.