‘‘SEC. 38. TELECOMMUNICATIONS SPECTRUM INSTALL-
MENT LOAN PROGRAM. 
‘‘(a) IN GENERAL.—There is established a program, 
to be known as the ‘Telecommunications Spectrum Install-
ment Loan Program’, under which the Administrator— 
‘‘(1) shall make direct loans to qualified tele-
communications borrowers for acquisition of spec-
trum licenses through Federal Communications 
Commission auction; and 
‘‘(2) shall guarantee loans to qualified tele-
communications borrowers for telecommunications 
equipment and working capital in connection with 
any acquisition referred to in paragraph (1). 
‘‘(b) DIRECT LOAN CONDITIONS.— 
‘‘(1) LIMITATION ON DISBURSEMENT.—The Ad-
ministrator may not disburse any loan amount under 
subsection (a)(1) if the cost of the license involved 
exceeds the approved loan amount plus, as deter-
mined by the Administrator, cash available to the 
applicant for the purpose of paying the difference 
between the approved loan amount and the cost of 
the license. 
‘‘(2) INTEREST AT MARKET RATE.—The rate of 
interest on a loan shall be the prime interest rate or 
such other competitive market rate as the Adminis-
trator determines to be appropriate.
‘‘(3) INTEREST-ONLY
PERIOD.—The Adminis-
trator, in accordance with criteria established by 
regulation, may provide, on a case-by-case basis, for 
an initial period during which a borrower under sub-
section (a)(1) shall pay interest only. In the case of 
such a determination, loan principal shall be amor-
tized over the remainder of the loan term. The max-
imum interest-only period under this paragraph is 6 
years. 
‘‘(4) MAXIMUM LOAN TERM.—The term of any 
loan under subsection (a)(1) may not exceed the 
term of the spectrum license involved. 
‘‘(c) LOAN GUARANTEE CONDITION.—The Adminis-
trator may make loan guarantees under subsection (a)(2) 
to a borrower under subsection (a)(1) only for tele-
communications equipment and working capital necessary 
to carry out the terms of the license to be financed. 
‘‘(d) SECURITY INTEREST AND FORCED SALE CON-
DITIONS FOR DIRECT LOANS AND LOAN GUARANTEES.— 
The Administrator shall require, as a condition of any di-
rect loan under subsection (a)(1) and any loan guarantee 
under subsection (a)(2), that— 
‘‘(1) any disbursement of a loan amount be 
fully protected by a secured interest in the proceeds
of a sale or other assignment of the license involved; 
and 
‘‘(2) the loan agreement contain specific meas-
ures by which, in the case of a default by the bor-
rower, the lender may require the borrower to sell or 
otherwise assign the license. 
‘‘(e) GENERAL
APPLICABILITY; WAIVER
EXCEP-
TION.—Loans and loan guarantees under this section shall 
be subject to all otherwise applicable provisions of this Act, 
except that the Administrator may waive any limitation 
on the amount of an individual loan or loan guarantee or 
on the total amount of loans or loan guarantees to a single 
borrower. 
‘‘(f) TREASURY ACCOUNT.—The Administrator shall 
notify the Secretary of the Treasury of each loan trans-
action entered into under subsection (a)(1). Upon receipt 
of notice under the preceding sentence, the Secretary shall 
establish an account in the Treasury for the loan. 
‘‘(g) DEFINITIONS.—As used in this section— 
‘‘(1) the term ‘qualified telecommunications 
borrower’ means a small business concern that, as 
determined by the Administrator, has, in addition to 
the other requirements of this Act, a level of special-
ized telecommunications expertise (including tech-
nical knowledge, business skill, and management ex-
perience) that is appropriate for the purpose for 
which the loan or guarantee involved is made; and 
‘‘(2) the term ‘Administrator’ means the Ad-
ministrator, acting through the Associate Adminis-
trator for Telecommunications Finance. 
‘‘(h) COLLECTION
OF DATA.—The Administrator 
shall collect data with respect to the operation of the pro-
gram under this section. The data so collected— 
‘‘(1) shall be accumulated on a calendar year 
basis; 
‘‘(2) shall be maintained in an electronic data-
base; 
‘‘(3) shall include information on the ethnicity, 
race, and sex of all applicants, whether the applica-
tions involved are approved, denied, withdrawn, or 
otherwise disposed of; and 
‘‘(4) shall include other information that, as de-
termined by the Administrator, is relevant to the 
disposition of applications. 
‘‘(i) REPORT.—Not later than December 31 of each 
year, the Administrator shall submit to the Congress a re-
port, with respect to the preceding calendar year, of the 
status of the program under this section. The report shall 
include—
‘‘(1) a statistical analysis (without personal 
identifying information) of the diversity characteris-
tics of applicants and borrowers under the program; 
and 
‘‘(2) a probability analysis with respect to the 
diversity of applicants who receive loans under the 
program. 
‘‘SEC. 
39. 
TELECOMMUNICATIONS 
ACCELERATED 
CER-
TIFIED LENDER PROGRAM. 
‘‘(a) IN GENERAL.—There is established a program, 
to be known as the ‘Telecommunications Accelerated Cer-
tified Lender Program’, under which the Administrator— 
‘‘(1) shall guarantee loans made to qualified 
telecommunications borrowers— 
‘‘(A) for acquisition of spectrum licenses 
through Federal Communications Commission 
auction; and 
‘‘(B) for acquisition of spectrum licenses in 
the secondary market for licenses originally ac-
quired through Federal Communications Com-
mission auction; and 
‘‘(2) shall guarantee loans made to qualified 
telecommunications 
borrowers 
for 
telecommuni-
cations equipment and working capital in connection 
with any acquisition referred to in paragraph (1).
‘‘(b) FUNDING.—The expenses of loan guarantees 
under subsection (a) shall be paid from the Telecommuni-
cations Loan Guarantee Fund, established under section 
715 of the Communications Act of 1934. 
‘‘(c) APPROVED LENDERS.—Loans guaranteed under 
this section shall be made by lenders that are insured de-
positary institutions and are approved by the Adminis-
trator. In evaluating an institution for approval, the Ad-
ministrator shall take into consideration the financial sta-
bility of the institution, the experience and expertise of 
the institution in lending to telecommunications bor-
rowers, and the need for diversity in the management and 
ownership of approved institutions. 
‘‘(d) LOAN GUARANTEE CONDITIONS.— 
‘‘(1) LIMITATION ON DISBURSEMENT.—The Ad-
ministrator shall require, as a condition of any loan 
guarantee under subsection (a)(1), that the lender 
may not disburse any loan amount if the cost of the 
license involved exceeds the approved loan amount 
plus, as determined by the Administrator, cash avail-
able to the applicant for the purpose of paying the 
difference between the approved loan amount and 
the cost of the license. 
‘‘(2) SECURITY INTEREST AND FORCED SALE 
REQUIREMENTS.—The Administrator shall require,