Incentives for Successful Small Businesses Act of 2010

Incentives for Successful Small Businesses Act of 2010 - Directs the Secretary of the Treasury to establish: (1) criteria for a long-term U.S. growth plan for any company or enterprise seeking incentives under this Act, as well as for U.S. expansion plans of successful small businesses that would qualify for such incentives; (2) procedures for loan guarantee and interest rate subsidy programs; and (3) a program to disseminate information rapidly about such programs and procedures.

Directs the Secretary to establish a five-year program to provide guarantees of up to 80% of the principal of any loan which banks and lenders make at the lowest collateralized rate available to any successful small business to facilitate its U.S. expansion plans.

Directs the Secretary to establish a five-year interest rate subsidy program to pay one percentage point of interest on any such loan to the extent the loan's annual percentage rate (APR) does not exceed the lowest collateralized rate available, minus the rate paid by the Secretary.

[Congressional Bills 111th Congress]
[From the U.S. Government Publishing Office]
[H.R. 5445 Introduced in House (IH)]

111th CONGRESS
  2d Session
                                H. R. 5445

To establish a program for providing loan guarantees and interest rate 
subsidies for successful companies to establish and implement long-term 
          United States growth plans, and for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                              May 27, 2010

Mr. Perlmutter (for himself and Mr. Coffman of Colorado) introduced the 
   following bill; which was referred to the Committee on Financial 
                                Services

_______________________________________________________________________

                                 A BILL


 
To establish a program for providing loan guarantees and interest rate 
subsidies for successful companies to establish and implement long-term 
          United States growth plans, 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 ``Incentives for Successful Small 
Businesses Act of 2010''.

SEC. 2. TREASURY LOAN GUARANTEES AND INTEREST RATE SUBSIDIES.

    (a) Definitions.--For purposes of this section, the following 
definitions shall apply:
            (1) Secretary.--The term ``Secretary'' means the Secretary 
        of the Treasury.
            (2) Successful small business.--The term ``successful small 
        business'' means any United States company or enterprise which 
        the Secretary determines--
                    (A) maintains a long-term United States growth plan 
                that meets the criteria established by the Secretary 
                under this section;
                    (B) as of the time of the determination, is 
                experiencing financial performance and achieving a 
                balance sheet would have qualified such company or 
                enterprise for a certain level of loan from primary 
                lending sources of such company or enterprise as of 
                June 1, 2008, on the basis of credit and underwriting 
                criteria in effect on such date, but cannot get access 
                to loans from such lending sources as of the date of 
                such determination because of current tighter credit 
                and underwriting criteria; and
                    (C) in the most recent calendar year had an average 
                of not fewer than 5 employees and not more than 500 
                employees.
    (b) Establishment of Criteria and Procedures; Regulations.--The 
Secretary shall--
            (1) establish criteria for the establishment and 
        maintenance of a long-term United States growth plan for any 
        company or enterprise seeking incentives under this Act, 
        including any applicable components of such plan, such as 
        capital development, marketing and distribution within the 
        United States, and expanded employment of United States 
        workers;
            (2) establish criteria for United States expansion plans of 
        successful small businesses that would qualify such companies 
        for any incentives under this Act;
            (3) establish procedures for carrying out the parameters 
        and components of the loan guarantee and interest rate subsidy 
        programs under this section, a manner for allocating available 
        amounts among qualified recipients, and the procedures for 
        carrying out such programs;
            (4) establish procedures and forms for applying for loan 
        guarantees and interest rate subsidies under this section;
            (5) establish an information program to rapidly disseminate 
        information about the programs and such procedures to all 
        companies and enterprises who may qualify for any such program 
        and to the general public; and
            (6) take such other action and prescribe such regulations 
        as the Secretary determines are appropriate to carry out this 
        section.
    (c) Loan Guarantee Program.--The Secretary shall establish and 
maintain a program to provide loan guarantees, of not more than 80 
percent of the amount of the principal of the loan to which the 
guarantee applies, to banks and other lenders that will allow such 
banks and lenders to provide loans at the lowest collateralized rate 
available to any successful small business for the purpose of 
facilitating the company's United States expansion plans.
    (d) Interest Rate Subsidy Program.--The Secretary shall establish 
an interest rate subsidy program under which the Secretary would pay 1 
percentage point of interest on any loan made by any bank or other 
lender to any successful small business for the purpose of facilitating 
the company's United States expansion plans to the extent the annual 
percentage rate on the loan does not exceed the lowest collateralized 
rate available from the bank or lender to any successful small 
business, minus the rate paid by the Secretary.
    (e) Coordination.--The Secretary--
            (1) shall consult with the Administrator of the Small 
        Business Administration in establishing the programs under 
        subsections (c) and (d); and
            (2) may make such arrangements with such Administrator as 
        the Secretary determines to be appropriate to provide for the 
        administration of such programs, or any aspect of such 
        programs, by the Administrator.
    (f) Sunset.--No new loan guarantee or interest rate subsidy may be 
entered into under any program under this section after the end of the 
5-year period beginning on the date of the enactment of this Act.
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