15 U.S.C. § 6908 — Recordkeeping

Page 2303 TITLE 15—COMMERCE AND TRADE § 6910 1 See References in Text note below. that assistance to qualified small and emerg- ing microenterprise organizations and pro- grams, subject to such rules and regulations as the Administrator determines to be appro- priate. (2) Limit on administrative expenses Not more than 7.5 percent of assistance re- ceived by a qualified organization under this chapter may be used for administrative ex- penses in connection with the making of sub- grants under paragraph (1). (d) Diversity In making grants under this chapter, the Ad- ministrator shall ensure that grant recipients include both large and small microenterprise or- ganizations, serving urban, rural, and Indian tribal communities serving diverse populations. (e) Prohibition on preferential consideration of certain SBA program participants In making grants under this chapter, the Ad- ministrator shall ensure that any application made by a qualified organization that is a par- ticipant in the program established under sec- tion 636(m) of this title does not receive pref- erential consideration over applications from other qualified organizations that are not par- ticipants in such program. (Pub. L. 103–325, title I, § 176, as added Pub. L. 106–102, title VII, § 725, Nov. 12, 1999, 113 Stat. 1473.) § 6906. Matching requirements (a) In general Financial assistance under this chapter shall be matched with funds from sources other than the Federal Government on the basis of not less than 50 percent of each dollar provided by the Administration. (b) Sources of matching funds Fees, grants, gifts, funds from loan sources, and in-kind resources of a grant recipient from public or private sources may be used to comply with the matching requirement in subsection (a). (c) Exception (1) In general In the case of an applicant for assistance under this chapter with severe constraints on available sources of matching funds, the Ad- ministrator may reduce or eliminate the matching requirements of subsection (a). (2) Limitation Not more than 10 percent of the total funds made available from the Administration in any fiscal year to carry out this chapter may be excepted from the matching requirements of subsection (a), as authorized by paragraph (1) of this subsection. (Pub. L. 103–325, title I, § 177, as added Pub. L. 106–102, title VII, § 725, Nov. 12, 1999, 113 Stat. 1474.) § 6907. Applications for assistance An application for assistance under this chap- ter shall be submitted in such form and in ac- cordance with such procedures as the Adminis- trator shall establish. (Pub. L. 103–325, title I, § 178, as added Pub. L. 106–102, title VII, § 725, Nov. 12, 1999, 113 Stat. 1474.) § 6908. Recordkeeping The requirements of section 4714 of title 12 shall apply to a qualified organization receiving assistance from the Administration under this chapter as if it were a community development financial institution receiving assistance from the Fund under subtitle A. (Pub. L. 103–325, title I, § 179, as added Pub. L. 106–102, title VII, § 725, Nov. 12, 1999, 113 Stat. 1474.) Editorial Notes REFERENCES IN TEXT Subtitle A, referred to in text, is subtitle A (§§ 101–121) of title I of Pub. L. 103–325, Sept. 23, 1994, 108 Stat. 2163, known as the Community Development Banking and Financial Institutions Act of 1994, which is classified principally to subchapter I (§ 4701 et seq.) of chapter 47 of Title 12, Banks and Banking. For com- plete classification of subtitle A to the Code, see Short Title note set out under section 4701 of Title 12 and Ta- bles. § 6909. Authorization In addition to funds otherwise authorized to be appropriated to the Fund to carry out this title,1 there are authorized to be appropriated to the Administrator to carry out this chapter— (1) $15,000,000 for fiscal year 2000; (2) $15,000,000 for fiscal year 2001; (3) $15,000,000 for fiscal year 2002; and (4) $15,000,000 for fiscal year 2003. (Pub. L. 103–325, title I, § 180, as added Pub. L. 106–102, title VII, § 725, Nov. 12, 1999, 113 Stat. 1474.) Editorial Notes REFERENCES IN TEXT This title, referred to in text, is title I of Pub. L. 103–325, Sept. 23, 1994, 108 Stat. 2163. Subtitle A (§§ 101–121) of title I, known as the Community Develop- ment Banking and Financial Institutions Act of 1994, is classified principally to subchapter I (§ 4701 et seq.) of chapter 47 of Title 12, Banks and Banking. Subtitle B (§§ 151–158) of title I, known as the Home Ownership and Equity Protection Act of 1994, enacted sections 1639 and 1648 of this title, amended sections 1602, 1604, 1610, 1640, 1641, and 1647 of this title, and enacted provisions set out as notes under sections 1601 and 1602 of this title. Subtitle C (§§ 171–181) of title I, known as the Program for Investment in Microentrepreneurs Act of 1999 or PRIME Act, is classified generally to this chapter. For complete classification of title I of Pub. L. 103–325 to the Code, see Tables. § 6910. Implementation The Administrator shall, by regulation, estab- lish such requirements as may be necessary to carry out this chapter. (Pub. L. 103–325, title I, § 181, as added Pub. L. 106–102, title VII, § 725, Nov. 12, 1999, 113 Stat. 1475.)