Instructions: In this task, you are given text for US Congressional and California state bills, your task is to generate a summary for this bill.
Input: SECTION 1. SHORT TITLE.

This Act may be cited as the ''Rural Access to Credit Act of
2010''.

SEC. 2. BUSINESS AND INDUSTRY DIRECT AND GUARANTEED LOANS.

(a) Tangible Equity Requirements.--Section 310B(d) of the
Consolidated Farm and Rural Development Act (7 U.S.C. 1932(d)) is
amended by striking paragraph (6) and inserting the following:
''(6) Equity.--In the case of direct or guaranteed loans
under this section, the Secretary shall use commercial lending
standards in determining any equity requirement.''.
(b) General Terms.--Section 310B(g) of the Consolidated Farm and
Rural Development Act (7 U.S.C. 1932(g)) is amended by adding at the
end the following:
''(10) General terms.--
''(A) Maximum loan guarantee amount.--
''(i) In general.--Notwithstanding any
other provision of this Act, during the period
beginning on the date of enactment of this
paragraph and ending on December 31, 2011, the
Secretary shall guarantee up to 90 percent of a
business and industry loan in an amount of up
to $10,000,000 that is a high priority project,
as determined based on published criteria of
the Secretary that includes rural economic
factors.
''(ii) Subsequent fiscal years.--
Notwithstanding any other provision of this
Act, beginning on January 1, 2012, the
Secretary may guarantee up to 80 or 90 percent
(as determined by the Secretary) of a business
and industry loan in an amount of up to
$10,000,000 that is a high priority project, as
determined based on criteria described in
clause (i).
''(B) Line-of-credit loans.--In guaranteeing
business and industry loans, the Secretary shall
guarantee line-of-credit loans in accordance with
section 316(c).
''(C) Refinancing.--
''(i) In general.--A business and industry
loan may be used by a small business to
refinance debt in existence as of the day
before the date on which the loan was made or
guaranteed, if--
''(I) the project for which the
debt was incurred is viable and will
create or save jobs, as determined by
the Secretary; and
''(II) as of the date of
application for refinancing--
''(aa) the underlying loan
has been current for at least 1
year; and
''(bb) the lender is
providing better rates and
longer terms than under the
original loan.
''(ii) Subordinated owner debt.--
Subordinated owner debt shall not be eligible
for inclusion in debt described in clause (i).
''(D) Audit standards.--Notwithstanding any other
provision of law, the Secretary--
''(i) shall not require audited financial
statements consistent with generally accepted
accounting principles for business and industry
loans of less than $1,000,000; and
''(ii) may waive any requirement for
audited financial statements consistent with
generally accepted accounting principles for
business and industry loans of at least
$1,000,000.
''(E) Calculation of delinquency rates.--To allow
accurate comparison of delinquency rates among Federal
agencies, in calculating the delinquency rate for
business and industry loans, the Secretary shall use
the calculation method used by the Administrator of the
Small Business Administration.''.
(c) Sense of Congress Relating to the Rural Microentrepreneur
Assistance Program.--It is the sense of Congress that in allocating
discretionary funds of the Secretary of Agriculture, the Secretary of
Agriculture should give priority to the rural microentrepreneur
assistance program established under section 379E of the Consolidated
Farm and Rural Development Act (7 U.S.C. 2008s).
(d) Budgetary Effects.--The budgetary effects of this Act, for the
purpose of complying with the Statutory Pay-As-You-Go-Act of 2010,
shall be determined by reference to the latest statement titled
''Budgetary Effects of PAYGO Legislation'' for this Act, submitted for
printing in the Congressional Record by the Chairman of the Senate
Budget Committee, provided that such statement has been submitted prior
to the vote on passage.
Output:
Rural Access to Credit Act of 2010 - Amends the Consolidated Farm and Rural Development Act to direct the Secretary of Agriculture (USDA) to use commercial lending standards in determining equity requirements for rural entity direct or guaranteed loans.

Directs the Secretary, through December 31, 2011, to guarantee up to 90% of high priority business and industry loans up to $10 million. Authorizes the Secretary, beginning on January 1, 2012, to guarantee up to 80% or 90% of high priority business and industry loans up to $10 million. Directs the Secretary to guarantee related line-of-credit loans.

Authorizes business and industry loans to be used for refinancing.

Waives audit requirements for business and industry loans under $1 million. Authorizes audit waiver for loans of at least $1 million.

Directs the Secretary to use the Small Business Administration (SBA) calculation method in calculating the delinquency rate for business and industry loans.

Expresses the sense of Congress that in allocating discretionary funds the Secretary should give priority to the rural microentrepreneur assistance program.