SEC. 2. DEFINITIONS. 
For purposes of this Act: 
(1) BANK.—The term ‘‘bank’’ means— 
(A) an insured depository institution, as 
such term is defined under section 3(c)(2) of 
the Federal Deposit Insurance Act (12 U.S.C. 
1813(c)(2)); and 
(B) an insured credit union, as such term 
is defined under section 101(7) of the Federal 
Credit Union Act (12 U.S.C. 1752(7)). 
(2) COLLATERAL
SUPPORT
PROGRAM.—The 
term ‘‘Collateral Support Program’’ means a pro-
gram described under section 4. 
(3) LOAN PARTICIPATION PROGRAM.—The term 
‘‘Loan Participation Program’’ means a program de-
scribed under section 5. 
(4) QUALIFIED
MANUFACTURER.—The term 
‘‘qualified manufacturer’’ means a business that is 
engaged in manufacturing and— 
(A) has less than $50,000,000 in annual 
revenue; and 
(B) has less than $50,000,000 in assets. 
(5) REVOLVING LOAN FUND.—The term ‘‘re-
volving loan fund’’ means the revolving loan fund es-
tablished under section 3(d). 
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(6) SECRETARY.—The term ‘‘Secretary’’ means 
the Secretary of the Treasury. 
(7) SPV.—The term ‘‘SPV’’ means a special 
purpose vehicle created by a State. 
(8) TERMINATION
DATE.—The term ‘‘termi-
nation date’’ means the date that is the end of the 
2-year period beginning on the date the Secretary 
issues regulations pursuant to section 3(b)(4). 
SEC. 3. FEDERAL LOAN PROGRAM TO SPVS. 
(a) IN GENERAL.—The Secretary shall certify SPVs 
to take part in a program to carry out Collateral Support 
Programs and Loan Participation Programs for the ben-
efit of qualified manufacturers (hereinafter in this section 
described as the ‘‘loan program’’). 
(b) APPLICATION PROCESS.— 
(1) IN GENERAL.—Each SPV wishing to par-
ticipate in the loan program shall submit an applica-
tion to the Secretary, in such form and manner as 
the Secretary may require, containing— 
(A) a detailed proposal for the structure of 
the Collateral Support Program the SPV pro-
poses to carry out, including what criteria the 
SPV intends to use to determine which quali-
fied manufacturers will be eligible to partici-
pate; 
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(B) a detailed proposal for the structure of 
the Loan Participation Program the SPV pro-
poses to carry out, including what criteria the 
SPV intends to use to determine which quali-
fied manufacturers will be eligible to partici-
pate; and 
(C) such other information as the Sec-
retary may require. 
(2) ADDITIONAL REQUIREMENTS.— 
(A) INTEREST
RATE.—Loans made to 
SPVs by the Secretary under the loan program 
shall be made with an interest rate of 0.5 per-
cent. 
(B) TREATMENT
OF
PAYMENTS
FROM 
QUALIFIED MANUFACTURERS.—The amount of 
all fees and interest payments paid by qualified 
manufacturers to an SPV under Collateral Sup-
port Programs and Loan Participation Pro-
grams that is more than the amount required 
by the SPV to repay the principal and interest 
amounts on loans made to the SPV under the 
loan program shall be retained by the SPV. 
(C) NO DISQUALIFICATION BY REASON OF 
PARTICIPATION.—Participation in a Collateral 
Support Program or a Loan Participation Pro-
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gram by a qualified manufacturer shall not dis-
qualify such manufacturer from receiving as-
sistance related to such loan under other Fed-
eral programs as well, including programs car-
ried out by the Small Business Administration 
and the Department of Agriculture. 
(D) LIMITATIONS ON SPVS.—Only 1 SPV 
per State may be certified to participate in the 
loan program. 
(E) OVERSIGHT.—The Secretary shall 
issue regulations to require each SPV partici-
pating in the loan program to make periodic re-
ports to the Secretary at any time such SPV 
has a loan outstanding under the loan program. 
Such reports shall contain such information as 
the Secretary determines appropriate to main-
tain oversight of the funds used in the loan pro-
gram. 
(3) DETERMINATION FACTORS.—In making the 
determination of which SPVs should be certified to 
take part in the loan program, the Secretary shall 
consider— 
(A) all information submitted in the appli-
cation of an SPV under paragraph (1); 
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(B) the number of jobs that will likely be 
created by programs proposed by the SPV; 
(C) the amount of economic distress expe-
rienced by the State in which the SPV is lo-
cated, including the unemployment rate of such 
State; and 
(D) the likelihood that the SPV will be 
able to successfully administer the programs 
proposed by the SPV. 
(4) RULEMAKING.—The Secretary shall issue 
all regulations necessary for the submission of appli-
cations described under paragraph (1) no later than 
90 days after the date of the enactment of this Act. 
(c) LOAN-MAKING PROCESS.— 
(1) IN GENERAL.—Each time a certified SPV 
wishes to make a loan under a Collateral Support 
Program or a Loan Participation Program, the cer-
tified SPV shall make a request to the Secretary, 
who shall loan the requested amount to the SPV 
from the revolving loan fund, as long as sufficient 
amounts remain in the fund. 
(2) TIME PERIOD.—An SPV may not make any 
new loans under a Collateral Support Program or a 
Loan Participation Program after the termination 
date. 
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(d) REVOLVING LOAN FUND.— 
(1) IN GENERAL.—There is established in the 
Treasury a revolving loan fund for the loan program. 
(2) INITIAL TRANSFER.— 
(A) FUNDING FROM THE TARP.—Of funds 
made available to the Secretary under title I of 
the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5211 et seq.) that remain un-
obligated, the Secretary shall transfer and cred-
it $20,000,000,000 to the revolving loan fund. 
(B) 
AUTHORIZATION.—The 
amounts 
transferred under subparagraph (A) shall be 
deemed to be for actions authorized under title 
I of the Emergency Economic Stabilization Act 
of 2008. 
(3) EXPENDITURES.—The Secretary shall use 
the amounts in the revolving loan fund to carry out 
the loan program. 
(4) DEPOSITS.—The Secretary shall deposit 
amounts received as payment and interest on loans 
provided under the loan program into the revolving 
loan fund. 
(e) TERMINATION
OF LOAN PROGRAM.—On and 
after the termination date— 
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