,,ii #aadth ,,congress #ast ,session ,s4 #babe ,,in ,,the ,,senate ,,of ,,the ,,united ,,states ,october #a1 #bjae ,mrs4 ,feinstein introduced the following bill2 which was read twice and referred to the ,committee on ,small ,business and ,entrepreneurship ,a ,,bill ,to make the ,community ,advantage ,pilot ,program of the ,small ,business ,administration permanent1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,small ,business ,lending and ,economic ,inequality ,reduction ,act of #bjae4 #b4 ,community advantage program 7a7 ,in general ,section #g7;a7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7;a77 is amended by adding at the end the following3 7#ce7 ,community advantage program 7,a7 ,definitions ,in this paragraph-- 7i7 the term covered institution means-- 7,i7 a development company 7as defined in section #ajc of the ,small ,business ,investment ,act of #aieh 7#ae ,u4,s4,c4 #ffb77 that is eligible to participate in the program established under title ,v of such ,act 7#ae ,u4,s4,c4 #fie et seq472 7,,ii7 a nonprofit intermediary 7as defined in subsection 7m77#aa772 7,,iii7 a non-,federally regulated entity certified as a community development financial institution by the ,community ,development ,financial ,institutions ,fund established under section #ajd7;a7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgjc7;a772 or 7,,iv7 any other nonprofit organization approved by the ,small ,business ,administration2 7ii7 the term program means the ,community ,advantage ,program established under subparagraph 7,b72 7iii7 the term ,reservist means a member of a reserve component of the ,armed ,forces named in section #ajaja of title #aj1 ,united ,states ,code2 7iv7 the term service-connected has the meaning given that term in section #aja7af7 of title #ch1 ,united ,states ,code2 and 7v7 the term small business concern in an underserved market means a small business concern-- 7,i7 that is located in-- 7aa7 a low- or moderate-income community2 7bb7 a ,h,u,b,zone2 or 7cc7 a community that has been designated as an empowerment zone or an enterprise community under section #acia of the ,internal ,revenue ,code of #aihf2 7,,ii7 that has more than #ej percent of employees residing in a low- or moderate-income community2 7,,iii7 that has been in existence for not more than #b years on the date on which a loan is made to the small business concern under the ,community ,advantage ,program established under subparagraph 7,b72 7,,iv7 owned and controlled by veterans2 7,v7 owned and controlled by service-disabled veterans2 or 7,,vi7 not less than #ea percent of which is owned and controlled by #a or more-- 7aa7 members of the ,armed ,forces participating in the ,transition ,assistance ,program of the ,department of ,defense2 7bb7 ,reservists2 7cc7 spouses of veterans1 members of the ,armed ,forces1 or ,reservists2 or 7dd7 surviving spouses of veterans who died on active duty or as a result of a service-connected disability4 7,b7 ,establishment ,there is established a ,community ,advantage ,program1 under which the ,administration may guarantee loans made by covered institutions under this subsection1 including loans made to small business concerns in underserved markets4 7,c7 ,requirements ,not less than #fj percent of loans made by a covered institution under the program shall consist of loans made to small business concerns in underserved markets under the program4 7,d7 ,maximum loan amount ,the maximum loan amount under the program is #cej1jjj4 7,e7 ,regulations 7i7 ,in general ,not later than #a year after the date of enactment of this paragraph1 the ,administrator shall promulgate regulations to carry out the program1 which shall be substantially similar to the ,community ,advantage ,pilot ,program of the ,administration1 as in effect on the day before the date of enactment of this paragraph4 7ii7 ,pilot program ,beginning on the date on which the regulations promulgated by the ,administrator under clause 7i7 take effect1 the ,administrator may not carry out the ,community ,advantage ,pilot ,program of the ,administration4 4 7b7 ,technical and conforming amendment ,section #c7r7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb7r77 is amended-- 7#a7 in paragraph 7#a71 by inserting before the period at the end the following3 1 but does not include a covered institution1 as defined in section #g7;a77#ce77;,a72 and 7#b7 in paragraph 7#b7-- 7,a7 in the matter preceding subparagraph 7,a71 by striking means a business concern and inserting the following3 -- 7,a7 means a business concern if-- 2 7,b7 by redesignating subparagraphs 7,a71 7,b71 and 7,c7 as clauses 7i71 7ii71 and 7iii71 respectively1 and adjusting the margins accordingly2 7,c7 in subparagraph 7,a77iii71 as so redesignated1 by striking the period at the end and inserting 2 and2 and 7,d7 by adding at the end the following3 7,b7 does not include a covered institution1 as defined in section #g7;a77#ce77;,a74 4 #c4 ,expanding the purposes of advances and collateral available to community development financial institutions ,section #aj7;a7 of the ,federal ,home ,loan ,bank ,act 7#ab ,u4,s4,c4 #adcj7;a77 is amended-- 7#a7 in paragraph 7#b77;,b71 by inserting or community development financial institution 7as defined in section #ajc of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgjb77 after community financial institution2 and 7#b7 in paragraph 7#c77;,e71 by inserting or community development financial institution 7as defined in section #ajc of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgjb77 after community financial institution4