To transfer unobligated and repaid funds from the Small Business Lending Fund Program to the Community Development Financial Institutions Fund to continue the program of making capital investments in eligible community development financial institutions in order to increase the availability of credit for small businesses, and for other purposes.

SECTION 1. SHORT TITLE.

    This Act may be cited as the ``Small Business Lending to 
Entrepreneurs for Growth in Underserved Populations Act of 2011'' or 
the ``Small Business Leg-Up Act of 2011''.

SEC. 2. FINDINGS.

    The Congress finds the following:
            (1) Families and small businesses in under-served areas 
        have for generations been unable to access affordable credit.
            (2) The financial crisis of 2008 only served to exacerbate 
        efforts by entrepreneurs to access capital for the purpose of 
        creating jobs and improving economic outcomes in the community.
            (3) Small business investments revitalize communities by 
        creating jobs but also contributing to the local tax base, 
        which helps finance investments in schools, hospitals, 
        infrastructure, and public safety.
            (4) The Community Development Financial Institutions Fund 
        is well placed to make careful, targeted investments in 
        community development financial institutions for the purposes 
        of improving economic outcomes for underserved families across 
        America.
            (5) Providing the Community Development Financial 
        Institutions Fund with a robust capital infusion will make 
        efficient use of taxpayer dollars, by leveraging Federal 
        investment for the purpose of small business lending.

SEC. 3. TRANSFER OF FUNDS FROM SMALL BUSINESS LENDING FUND TO THE CDFI 
              FUND.

    (a) Unobligated Funds.--On the date of the expiration of the 
investment authority described under section 4109(a) of the Small 
Business Jobs Act of 2010, the Secretary shall transfer all unobligated 
funds in the Small Business Lending Fund to the Community Development 
Financial Institutions Fund.
    (b) Proceeds.--Section 4103(b)(3) of the Small Business Jobs Act of 
2010 is amended to read as follows:
            ``(3) Proceeds transferred to cdfi fund.--All funds 
        received by the Secretary in connection with purchases made 
        pursuant to paragraph (1), including principal, interest 
        payments, dividend payments, and proceeds from the sale of any 
        financial instrument, shall be transferred to the Community 
        Development Financial Institutions Fund.''.

SEC. 4. SMALL BUSINESS CAPITAL INVESTMENT PROGRAM.

    (a) In General.--The Riegle Community Development and Regulatory 
Improvement Act of 1994 is amended by adding after section 108 the 
following new section:

``SEC. 108A. SMALL BUSINESS CAPITAL INVESTMENT PROGRAM TO INCREASE 
              CREDIT AVAILABILITY FOR SMALL BUSINESSES.

    ``(a) Small Business Revolving Loan Program.--
            ``(1) In general.--Using amounts described under subsection 
        (b), the Administrator shall carry out a Small Business Capital 
        Investment Program (`Program') to make capital investments in 
        eligible community development financial institutions in order 
        to increase the availability of credit for small businesses.
            ``(2) Structure of the program.--To the extent practicable, 
        the Administrator shall carry out the Program in the same 
        manner as the Small Business Lending Fund Program authorized 
        under section 4103(a)(2) of the Small Business Jobs Act of 
        2010, except that--
                    ``(A) all funds received by the Administrator in 
                connection with purchases made under the Program, 
                including principal, interest payments, dividend 
                payments, and proceeds from the sale of any financial 
                instrument, shall be deposited into the Fund;
                    ``(B) eligible community development financial 
                institutions may apply to receive a capital investment 
                from the Fund in an amount not exceeding 10 percent of 
                total assets, or such other percentage as the 
                Administrator determines to be appropriate; and
                    ``(C) the authority to make capital investments in 
                eligible community development financial institutions 
                shall continue so long as amounts described under 
                subsection (b) are available to make such investments.
    ``(b) Funding.--
            ``(1) In general.--Notwithstanding any other provision of 
        this Act, amounts deposited into the Fund pursuant to section 
        4(a) of the Small Business Leg-Up Act of 2011, section 
        4103(b)(3) of the Small Business Jobs Act of 2010, or 
        subsection (a)(2)(A) shall only be available to carry out the 
        Program established under subsection (a).
            ``(2) Administration costs.--Interest payments received 
        under subsection (a)(2)(A) may be used to pay for the 
        administrative costs of carrying out the Program.
            ``(3) Authorization of appropriations.--There is authorized 
        to be appropriated to the Administrator $4,000,000 to carry out 
        the Program.
    ``(c) Rulemaking.--The Administrator may issue such regulations as 
the Administrator determines to be appropriate to carry out this 
section.
    ``(d) Eligible Community Development Financial Institution Defined 
.--For purposes of this section, the term `eligible community 
development financial institution' means a community development 
financial institution with assets of $10,000,000,000 or less, as 
reported in audited financial statements.''.
    (b) Technical Amendment.--The table of contents for the Riegle 
Community Development and Regulatory Improvement Act of 1994 is amended 
by inserting after the item relating to section 108 the following new 
item:

``108A. Small Business Capital Investment Program to increase credit 
                            availability for small businesses.''.

Summary: Small Business Lending to Entrepreneurs for Growth in Underserved Populations Act of 2011 or the Small Business Leg-Up Act of 2011 - Requires, upon the expiration of investment authority for the Small Business Lending Fund Program provided in the Small Business Jobs Act of 2010, that all unobligated funds in the Small Business Lending Fund be transferred to the Community Development Financial Institutions (CDFI) Fund. Directs that all funds received in connection with certain purchases of preferred stock and other financial instruments pursuant to such authority be transferred to the CDFI Fund.

 Amends the Riegle Community Development and Regulatory Improvement Act of 1994 to direct the Administrator of the CDFI Fund to carry out a Small Business Capital Investment (SBCI) Program (a small business revolving loan program) to continue making capital investments in eligible community development financial institutions in order to increase the availability of credit for small businesses.

Requires that: (1) all funds the Administrator receives in connection with SBCI Program purchases be deposited in the CDFI Fund, and (2) the authority to make such capital investments continue so long as specified funding amounts are available.

Allows eligible community development financial institutions (with maximum assets of $10 billion as reported in audited financial statements) to apply to receive a capital investment of up to 10% of total assets, or another appropriate percentage determined by the Administrator.

Directs the Administrator, to the extent practicable and except as otherwise provided, to carry out the SBCI Program in the same manner as the Small Business Lending Fund Program.