To amend the Small Business Act and the Small Business Investment Act of 1958 to provide for additional loan programs for veteran-owned small businesses, and for other purposes.

Summary: Veterans Access to Capital Act of 2012 - Amends the Small Business Investment Act of 1958 to authorize the Administrator of the Small Business Administration (SBA), using up to 20% of annual amounts available for SBA loans to state and local development companies, to make loans directly to small businesses owned and controlled by veterans to be used on projects having a sound business purpose. Provides loan limits and requires partial project funding by such small business.

Amends the Small Business Act to authorize the Administrator to make up to 20% of the annual amounts available for SBA section 7(a) general small business loans available for loans to veteran-owned small businesses.

Directs the Administrator, for purposes of loans or loan guarantees to veteran- or disabled veteran-owned small businesses, to reduce any applicable requirement relating to the veteran's credit score, as long as the veteran has complied with other conditions that the Administrator may require.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Veterans Access to Capital Act of 
2012''.

SEC. 2. LOAN PROGRAM FOR VETERANS FOR CERTAIN PROJECTS.

    Section 502 of the Small Business Investment Act of 1958 (15 U.S.C. 
696) is amended--
            (1) in the matter preceding paragraph (1) by striking ``The 
        Administration'' and inserting ``(a) In General.--The 
        Administration''; and
            (2) by adding at the end the following:
    ``(b) Loan Program for Veterans.--
            ``(1) Loan program.--From amounts made available under 
        subsection (a), the Administrator of the Small Business 
        Administration may make loans each fiscal year, totalling not 
        more than 20 percent of such amounts, directly to small 
        business concerns owned and controlled by veterans (as such 
        term is defined in section 3(q)(3) of the Small Business Act 
        (15 U.S.C. 632(q)(3)).
            ``(2) Terms and conditions.--The Administrator may make 
        loans under this subsection only in accordance with the 
        following:
                    ``(A) Use of funds.--The proceeds of the loan shall 
                be used only for a project with a sound business 
                purpose approved by the Administration.
                    ``(B) Maximum amount.--Loans made by the 
                Administration under this subsection shall be limited 
                to--
                            ``(i) $5,000,000, if the loan proceeds will 
                        not be directed toward a goal or project 
                        described in clause (ii), (iii), (iv), or (v);
                            ``(ii) $5,000,000, if the loan proceeds 
                        will be directed toward 1 or more of the public 
                        policy goals described under section 501(d)(3);
                            ``(iii) $5,500,000 for each project of a 
                        small manufacturer;
                            ``(iv) $5,500,000 for each project that 
                        reduces the borrower's energy consumption by at 
                        least 10 percent; and
                            ``(v) $5,500,000 for each project that 
                        generates renewable energy or renewable fuels, 
                        such as biodiesel or ethanol production.
                    ``(C) Funding by the small business concern.--The 
                small business concern (or its owners, stockholders, or 
                affiliates) shall provide--
                            ``(i) at least 15 percent of the total cost 
                        of the project financed, if the small business 
                        concern has been in operation for a period of 2 
                        years or less;
                            ``(ii) at least 15 percent of the total 
                        cost of the project financed if the project 
                        involves the construction of a limited or 
                        single purpose building or structure;
                            ``(iii) at least 20 percent of the total 
                        cost of the project financed if the project 
                        involves both of the conditions set forth in 
                        clauses (i) and (ii); or
                            ``(iv) at least 10 percent of the total 
                        cost of the project financed, in all other 
                        circumstances, at the discretion of the 
                        Administrator.
                    ``(D) Collateralization.--Collateral provided by 
                the small business concern shall be so provided in 
                accordance with the requirements of subsection 
                (a)(3)(E).
                    ``(E) Additional requirements.--The small business 
                concern shall comply with the requirements of 
                paragraphs (4), (5), (6), and (7) of subsection (a), 
                except that--
                            ``(i) for purposes of subparagraph 
                        (C)(i)(I) of such paragraph (7), the term 
                        `borrower' means a small business concern that 
                        submits an application to the Administrator 
                        under this subsection; and
                            ``(ii) clauses (iii) through (vi) of such 
                        paragraph (7)(C) shall not apply in the case of 
                        that small business concern.
            ``(3) Definition.--As used in this subsection, the term 
        `small manufacturer' means a small business concern--
                    ``(A) the primary business of which is classified 
                in sector 31, 32, or 33 of the North American 
                Industrial Classification System; and
                    ``(B) all of the production facilities of which are 
                located in the United States.''.

SEC. 3. LOAN PROGRAM FOR VETERANS.

    Section 7(a) of the Small Business Act is amended by adding at the 
end the following:
            ``(36) Loan program for veterans.--Not more than 20 percent 
        of loans made under this subsection in a fiscal year may be 
        loans under this paragraph. The Administrator may make loans 
        each fiscal year to small business concerns owned and 
        controlled by veterans (as such term is defined in section 
        3(q)(3)) in the same manner as loans otherwise made under this 
        subsection, except that such loans may only be made directly by 
        the Administrator to the small business concern.''.

SEC. 4. VETERAN CREDIT SCORE RELIEF.

    (a) Small Business Act.--The Small Business Act (15 U.S.C. 631 et 
seq.) is amended by redesignating section 45 as section 46 and 
inserting after section 44 the following:

``SEC. 45. VETERAN CREDIT SCORE RELIEF.

    ``For purposes of loans or loan guarantees under this Act to small 
business concerns owned and controlled by veterans or to small business 
concerns owned and controlled by service-disabled veterans, if a 
veteran has complied with such conditions as the Administrator may by 
rule require, the Administrator shall reduce any applicable requirement 
relating to a veteran's credit score. No decrease in credit score 
attributable to a violation of the Servicemembers Civil Relief Act (50 
U.S.C. App. 501 et seq.) shall apply.''.
    (b) Small Business Investment Act of 1958.--Title I of the Small 
Business Investment Act of 1958 (15 U.S.C. 661 et seq.) is amended by 
inserting after section 103 the following:

``SEC. 104. VETERAN CREDIT SCORE RELIEF.

    ``For purposes of loans or loan guarantees under this Act to small 
business concerns owned and controlled by veterans or to small business 
concerns owned and controlled by service-disabled veterans, if a 
veteran has complied with such conditions as the Administrator may by 
rule require, the Administrator shall reduce any applicable requirement 
relating to a veteran's credit score. No decrease in credit score 
attributable to a violation of the Servicemembers Civil Relief Act (50 
U.S.C. App. 501 et seq.) shall apply.''.