I 
118TH CONGRESS 
1ST SESSION H. R. 5515 
To authorize the Director of the National Geospatial-Intelligence Agency 
to issue direct loans to certain small businesses, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
SEPTEMBER 14, 2023 
Mr. STEWART introduced the following bill; which was referred to the 
Permanent Select Committee on Intelligence 
A BILL 
To authorize the Director of the National Geospatial-Intel-
ligence Agency to issue direct loans to certain small 
businesses, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Commercial Geo-
stationary Remote Sensing Act of 2023’’. 
VerDate Sep 11 2014 
05:08 Sep 16, 2023
Jkt 039200
PO 00000
Frm 00001
Fmt 6652
Sfmt 6201
E:\BILLS\H5515.IH
H5515
kjohnson on DSK7ZCZBW3PROD with $$_JOB
SEC. 2. AUTHORITY FOR DIRECTOR OF THE NATIONAL 
GEOSPATIAL-INTELLIGENCE 
AGENCY 
TO 
ISSUE DIRECT LOANS TO CERTAIN SMALL 
BUSINESSES. 
(a) PURPOSE.—The purpose of this Act is to improve 
the opportunity of small businesses to participate in the 
satellite imaging capabilities that may be used for national 
security purposes, including the acquisition of geospatial 
intelligence in furtherance of the national security of the 
United States. 
(b) AUTHORITY TO ISSUE DIRECT LOANS.— 
(1) IN GENERAL.—Subject to the Federal Cred-
it Reform Act of 1990 (2 U.S.C. 661 et seq.), the 
Director of the National Geospatial-Intelligence 
Agency may issue a direct loan under this Act to an 
eligible entity for the purpose of financing the cov-
ered costs of an eligible project of the eligible entity. 
(2) MAXIMUM AMOUNT OF DIRECT LOANS AU-
THORIZED.—The aggregate principal amount of di-
rect loans issued under this Act, including all cap-
italized interest, may not exceed $2,500,000,000. 
(c) APPLICATIONS.— 
(1) IN
GENERAL.—To receive a direct loan 
under this Act, an eligible entity shall submit to the 
Director an application therefor at such time, in 
VerDate Sep 11 2014 
22:19 Sep 18, 2023
Jkt 039200
PO 00000
Frm 00002
Fmt 6652
Sfmt 6201
E:\BILLS\H5515.IH
H5515
kjohnson on DSK7ZCZBW3PROD with $$_JOB
such manner, and containing such information as 
the Director may require. 
(2) DEMONSTRATION OF PROSPECTS OF REPAY-
MENT.—An application for a direct loan submitted 
under paragraph (1) shall include information dem-
onstrating that the applicant has a reasonable ability 
to repay the loan without using the proceeds of sales 
to the Federal Government, in accordance with sub-
section (e)(2)(B). 
(3) COMPLETE APPLICATION.— 
(A) TIMING ON NOTIFICATION AS TO COM-
PLETENESS.—Not later than 30 business days 
after receiving an application pursuant to para-
graph (1), the Director shall notify the appli-
cant as to whether the application received con-
stitutes a complete application. 
(B) SUBMISSION DATE FOR A COMPLETE 
APPLICATION.—Except as provided in subpara-
graph (D), a complete application shall be 
treated as submitted on the date originally sub-
mitted to the Director. 
(C) 
NOTIFICATION
OF
INCOMPLETE-
NESS.—If the Director determines that an ap-
plication submitted pursuant to paragraph (1) 
is incomplete, the Director shall notify the ap-
VerDate Sep 11 2014 
05:08 Sep 16, 2023
Jkt 039200
PO 00000
Frm 00003
Fmt 6652
Sfmt 6201
E:\BILLS\H5515.IH
H5515
kjohnson on DSK7ZCZBW3PROD with $$_JOB
plicant and provide for a reasonable oppor-
tunity, as determined by the Director, for the 
applicant to submit the additional information 
necessary to complete the application. 
(D) SUBMISSION DATE FOR A PREVIOUSLY 
INCOMPLETE APPLICATION.—In a case in which 
an application is completed pursuant to sub-
paragraph (C), the completed application shall 
be treated as submitted on the date on which 
the additional information necessary to com-
plete the application is submitted to the Direc-
tor pursuant to such subparagraph. 
(4) NOTICE TO APPLICANTS.—Not later than 
180 days after the date on which the Director re-
ceives from an eligible entity a complete application 
under this subsection, the Director shall provide to 
the eligible entity written notice— 
(A) approving the application; or 
(B) denying the application and providing 
guidance on why the application was so denied. 
(5) SOLICITATIONS.—Not later than 1 year 
after the date of the enactment of this Act, the Di-
rector shall solicit applications under this subsection. 
(d) CREDITWORTHINESS.— 
VerDate Sep 11 2014 
05:08 Sep 16, 2023
Jkt 039200
PO 00000
Frm 00004
Fmt 6652
Sfmt 6201
E:\BILLS\H5515.IH
H5515
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(1) IN GENERAL.—No direct loan for an eligible 
project may be issued to an eligible entity under this 
Act unless the Director determines that— 
(A) the project has the potential to enable 
the National Geospatial-Intelligence Agency to 
meet mission-critical needs of the Agency; 
(B) the eligible entity is creditworthy; and 
(C) there is a reasonable assurance of re-
payment of the principal of, and any interest 
on, the proposed direct loan by the eligible enti-
ty without the eligible entity using the proceeds 
of sales to the Federal Government, in accord-
ance with subsection (e)(2)(B). 
(2) CONSIDERATIONS.—In making the deter-
minations under paragraph (1), the Director shall 
take into consideration relevant factors, including 
the following: 
(A) The terms, conditions, financial struc-
ture, and security features of the proposed di-
rect loan. 
(B) The dedicated revenue sources pro-
posed to secure or fund the repayment of the 
proposed direct loan. 
(C) The financial assumptions upon which 
the proposed eligible project is based. 
VerDate Sep 11 2014 
05:08 Sep 16, 2023
Jkt 039200
PO 00000
Frm 00005
Fmt 6652
Sfmt 6201
E:\BILLS\H5515.IH
H5515
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(D) The financial soundness and credit 
history of the eligible entity. 
(e) DIRECT LOANS.— 
(1) AGREEMENTS.— 
(A) IN GENERAL.—Subject to paragraph 
(2), the Director may enter into an agreement 
with an eligible entity the application of which 
is approved pursuant to subsection (c)(4)(A) to 
issue a direct loan to such eligible entity for the 
purpose of financing the covered costs of the el-
igible project specified in such application. 
(B) CREDIT SUBSIDY FEE.—Prior to en-
tering into an agreement under this subsection 
with respect to a proposed direct loan, the Di-
rector— 
(i) in consultation with the Director of 
the Office of Management and Budget, 
shall determine the cost (as defined in sec-
tion 502 of the Federal Credit Reform Act 
of 1990 (2 U.S.C. 661a)) to the Federal 
Government of issuing the proposed direct 
loan; and 
(ii) shall charge and collect from the 
eligible entity, as a credit subsidy fee, a 
payment equal to the amount determined 
VerDate Sep 11 2014 
05:08 Sep 16, 2023
Jkt 039200
PO 00000
Frm 00006
Fmt 6652
Sfmt 6201
E:\BILLS\H5515.IH
H5515
kjohnson on DSK7ZCZBW3PROD with $$_JOB
under clause (i) to cover the cost of the 
proposed direct loan. 
(2) TERMS AND LIMITATIONS.— 
(A) IN
GENERAL.—A direct loan issued 
under this Act shall be subject to such terms 
and conditions, and contain such covenants, 
representations, warranties, and requirements, 
including requirements for audits, as the Direc-
tor determines appropriate. 
(B) REPAYMENT.—No direct loan issued 
under this Act, including any part of the prin-
cipal of, or interest on, such a direct loan, may 
be repaid with the proceeds of a sale to the 
Federal Government. 
(C) INTEREST RATE.—The interest rate on 
a direct loan issued under this Act shall be not 
less than the average market yield on out-
standing marketable United States Treasury se-
curities having maturities comparable to the 
maturity of the direct loan on the date of execu-
tion of the loan agreement. 
(D) MATURITY DATE.—The final maturity 
date of a direct loan issued under this Act shall 
be the earlier of— 
VerDate Sep 11 2014 
05:08 Sep 16, 2023
Jkt 039200
PO 00000
Frm 00007
Fmt 6652
Sfmt 6201
E:\BILLS\H5515.IH
H5515
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(i) the date that is 25 years after the 
date of substantial completion of the rel-
evant project; or 
(ii) if the useful life of the project, as 
determined by the Director, is less than 35 
years, the end of the useful life of the 
project. 
(E) NONSUBORDINATION.—A direct loan 
made under this Act shall not be subordinate to 
any other financing in the event of bankruptcy, 
insolvency, or liquidation of the obligor. 
(F) ADMINISTRATIVE EXPENSES.—In ad-
dition to the charging and collection of credit 
subsidy fees under paragraph (1)(B), the Direc-
tor may charge, collect, and spend fees at a 
level sufficient to cover all or a portion of the 
expense of administering this section. Such ad-
ministrative expenses may include the costs of 
services obtained or retained pursuant to sub-
section (f) with respect to the administration of 
this section or a particular direct loan issued 
under this section. 
(3) REPAYMENT.— 
(A) IN GENERAL.—The term of any direct 
loan obligation under this section shall require 
VerDate Sep 11 2014 
05:08 Sep 16, 2023
Jkt 039200
PO 00000
Frm 00008
Fmt 6652
Sfmt 6201
E:\BILLS\H5515.IH
H5515
kjohnson on DSK7ZCZBW3PROD with $$_JOB
full repayment of the principal of, and any in-
terest on, the direct loan by not later than the 
maturity date set forth by paragraph (2)(D) 
with respect to that direct loan. 
(B) COMMENCEMENT.—Scheduled loan re-
payments of the principal of, and any interest 
on, a direct loan issued under this section shall 
commence by not later than— 
(i) the date that is 4 years after the 
date of substantial completion of the rel-
evant project; or 
(ii) the date that is 8 years after the 
disbursement date of such direct loan. 
(C) CAPITALIZED INTEREST.—Interest on 
the outstanding principal of a direct loan issued 
under this section shall accrue during the pe-
riod before the first scheduled repayment date 
under the repayment schedule for the loan and 
shall be amortized for payment over the remain-
ing term of the loan. 
(f) ASSISTANCE SERVICES.—In carrying out this sec-
tion, the Director may— 
(1) retain the services of persons, including 
counsel and consultants, with expertise in such fields 
VerDate Sep 11 2014 
05:08 Sep 16, 2023
Jkt 039200
PO 00000
Frm 00009
Fmt 6652
Sfmt 6201
E:\BILLS\H5515.IH
H5515
kjohnson on DSK7ZCZBW3PROD with $$_JOB
as the Director considers necessary or helpful for 
purposes of this section; and 
(2) enter into contracts, including contracts for 
services authorized by section 3109 of title 5, United 
States Code. 
(g) REPORT TO CONGRESS.— 
(1) SUBMISSION.—Not later than 3 years after 
the date of the enactment of this Act, the Director 
shall submit to the congressional intelligence com-
mittees a report summarizing the projects for which 
the Director has issued direct loans under this sec-
tion. 
(2) MATTERS.—The report under paragraph 
(1) shall include a description of the following: 
(A) The applications received for direct 
loans under this section. 
(B) The projects selected for direct loans 
under this section, including a description of 
the projects and the basis for the selection of 
those projects with respect to the requirements 
of this section. 
(C) The amount of the direct loan provided 
for each project selected under this section, re-
spectively. 
VerDate Sep 11 2014 
05:08 Sep 16, 2023
Jkt 039200
PO 00000
Frm 00010
Fmt 6652
Sfmt 6201
E:\BILLS\H5515.IH
H5515
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(D) The financial performance of each 
project selected under this section, including an 
evaluation of whether the purpose under sub-
section (a) is being furthered by the project. 
(E) The benefits and effects of the imple-
mentation of this section, including the benefit 
to national security and other public benefits 
provided by the projects selected under this Act. 
(h) FUNDING.— 
(1) USE OF FUNDS.—Obligations incurred by 
the Director under this Act shall be subject to the 
availability of funds provided in advance specifically 
for the purpose of direct loans authorized under this 
Act. Such loans are subject to the requirements of 
the Federal Credit Reform Act of 1990 (2 U.S.C. 
661 et seq.). 
(2) ADMINISTRATIVE EXPENSES.—Administra-
tive expense fees collected pursuant to subsection 
(e)(2)(F) shall be deposited into the appropriation 
account for administrative expenses of the direct 
loan program under this Act and shall be— 
(A) in addition to the amount of funds ap-
propriated to be expended for administrative ex-
penses; and 
VerDate Sep 11 2014 
22:19 Sep 18, 2023
Jkt 039200
PO 00000
Frm 00011
Fmt 6652
Sfmt 6201
E:\BILLS\H5515.IH
H5515
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(B) available until expended for adminis-
trative expenses, including ongoing expenses, of 
the direct loan program under this section. 
(3) CREDIT
SUBSIDY
FEES.—Credit subsidy 
fees collected pursuant to subsection (e)(1)(B)(ii) 
shall be deposited into the financing account for the 
direct loan program established pursuant to the 
Federal Credit Reform Act of 1990 (2 U.S.C. 661 
et seq.). 
(i) TERMINATION.—The authority to issue new direct 
loans under this section shall terminate on the date that 
is 5 years after the date of the enactment of this Act. 
(j) DEFINITIONS.—In this section, except as other-
wise provided: 
(1) CONGRESSIONAL
INTELLIGENCE
COMMIT-
TEES.—The term ‘‘congressional intelligence com-
mittees’’ has the meaning given that term in section 
3 of the National Security Act of 1947 (50 U.S.C. 
3003). 
(2) COVERED
COSTS.—The term ‘‘covered 
costs’’ means, with respect to an eligible project— 
(A) the cost of— 
(i) startup-phase activities, including 
planning, feasibility analysis (including any 
related analysis necessary to carry out an 
VerDate Sep 11 2014 
05:08 Sep 16, 2023
Jkt 039200
PO 00000
Frm 00012
Fmt 6652
Sfmt 6201
E:\BILLS\H5515.IH
H5515
kjohnson on DSK7ZCZBW3PROD with $$_JOB
eligible project), revenue forecasting, envi-
ronmental review, permitting, preliminary 
engineering and design work, and other 
preconstruction activities; 
(ii) satellites, satellite launches, and 
related expenses; 
(iii) the acquisition and improvement 
of real property or an interest in real prop-
erty; 
(iv) the acquisition or manufacturing 
of equipment and components of such 
equipment; and 
(v) capitalized interest necessary to 
meet market requirements, reasonably re-
quired reserve funds, cost contingencies, 
capital issuance expenses, and other car-
rying costs during construction; and 
(B) any other cost with respect to the 
project that the Director determines the financ-
ing of which is necessary to promote participa-
tion by a small business in satellite imaging ca-
pabilities that can be used for national security 
purposes, including the acquisition of geospatial 
intelligence in furtherance of the national secu-
rity of the United States. 
VerDate Sep 11 2014 
05:08 Sep 16, 2023
Jkt 039200
PO 00000
Frm 00013
Fmt 6652
Sfmt 6201
E:\BILLS\H5515.IH
H5515
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(3) DIRECTOR.—The term ‘‘Director’’ means 
the Director of the National Geospatial-Intelligence 
Agency. 
(4) DIRECT
LOAN.—The term ‘‘direct loan’’ 
means a disbursement of funds by the Government 
to a non-Federal borrower under a contract that re-
quires the repayment of such funds with or without 
interest. The term includes the purchase of, or par-
ticipation in, a loan made by another lender and fi-
nancing arrangements that defer payment for more 
than 90 days, including the sale of a Government 
asset on credit terms. The term does not include the 
acquisition of a federally guaranteed loan in satisfac-
tion of default claims. 
(5) ELIGIBLE ENTITY.—The term ‘‘eligible enti-
ty’’ means a small business concern (as defined 
under section 3 of the Small Business Act (15 
U.S.C. 632)) that produces or supplies— 
(A) a technology listed in the most up-to- 
date version of the list of critical and emerging 
technologies published by the White House or 
the integrated priority list published by the Ad-
ministrator of the Defense Technical Informa-
tion Center; or 
VerDate Sep 11 2014 
05:08 Sep 16, 2023
Jkt 039200
PO 00000
Frm 00014
Fmt 6652
Sfmt 6201
E:\BILLS\H5515.IH
H5515
kjohnson on DSK7ZCZBW3PROD with $$_JOB
(B) any other technology that the Presi-
dent determines is necessary to the national se-
curity of the United States. 
(6) ELIGIBLE
PROJECT.—The term ‘‘eligible 
project’’ means a project that uses geostationary 
orbit satellites to acquire immediate and continuous 
imagery of the Earth. 
(7) OBLIGOR.—The term ‘‘obligor’’ means an 
eligible entity that is primarily liable for payment of 
the principal of, and any interest on, a direct loan 
made under this section. 
(8) SUBSTANTIAL
COMPLETION.—The term 
‘‘substantial completion’’ means, with respect to an 
eligible project, the date on which a project is con-
sidered by the Director to achieve full operational 
capability. 
Æ 
VerDate Sep 11 2014 
05:08 Sep 16, 2023
Jkt 039200
PO 00000
Frm 00015
Fmt 6652
Sfmt 6301
E:\BILLS\H5515.IH
H5515
kjohnson on DSK7ZCZBW3PROD with $$_JOB