,i  #aah? ,,congress  #a/ ,session  ,h4 
,r4 #eeae  ,,9 ,,! ,,h\se ,,(           
,,repres5tatives  ,septemb] #ad1        
#bjbc,mr4 ,/ew>t introduc$ ! foll[+     
bill2 :i* 0 ref]r$ to ! ,p]man5t ,select
 ,committee on ,intellig5ce  ,a ,,bill  
,to au?orize ! ,director ( ! ,national  
,geospatial-,intellig5ce ,ag5cy to issue
 direct loans to c]ta9 small bus9esses1 
& = o!r purposes4  #a4 ,%ort title ,?is 
,act may be cit$ z ! ,comm]cial         
,geo/ation>y ,remote ,s5s+ ,act ( #bjbc4
  #b4 ,au?ority = ,director ( !         
,national ,geospatial-,intellig5ce      
,ag5cy to issue direct loans to c]ta9   
small bus9esses  7a7 ,purpose ,! purpose
 ( ?is ,act is to improve ! opportunity 
( small bus9esses to p>ticipate 9 !     
satellite imag+ capabilities t may be   
us$ = national security purposes1       
includ+ ! acquisition ( geospatial      
intellig5ce 9 fur!rance ( ! national    
security ( ! ,unit$ ,/ates4  7b7        
,au?ority ,to issue direct loans  7#a7  
,9 g5]al ,subject to ! ,f$]al ,cr$it    

,re=m ,act ( #aiij 7#b ,u4,s4,c4 #ffa et
 seq471 ! ,director ( ! ,national       
,geospatial-,intellig5ce ,ag5cy may     
issue a direct loan "u ?is ,act to an   
eligible entity = ! purpose ( f9anc+ !  
cov]$ co/s ( an eligible project ( !    
eligible entity4  7#b7 ,maximum am\nt ( 
direct loans au?oriz$ ,! aggregate      
pr9cipal am\nt ( direct loans issu$ "u  
?is ,act1 includ+ all capitaliz$ int]e/1
 may n exce$ #b1ejj1jjj1jjj4  7c7       
,applications  7#a7 ,9 g5]al ,to receive
 a direct loan "u ?is ,act1 an eligible 
entity %all submit to ! ,director an    
application !re= at su* "t1 9 su* mann]1
 & conta9+ su* in=mation z ! ,director  
may require4  7#b7 ,demon/ration (      
prospects ( repaym5t ,an application = a
 direct loan submitt$ "u p>agraph 7#a7  
%all include in=mation demon/rat+ t !   
applicant has a reasonable ability to   
repay ! loan )\t us+ ! proce$s ( sales  
to ! ,f$]al ,gov]nm5t1 9 accordance )   
subsection 7e77#b77;,b74  7#c7 ,complete
 application  7,a7 ,tim+ on notification

 z to complet5ess ,n lat] ?an #cj       
bus9ess days aft] receiv+ an application
 pursuant to p>agraph 7#a71 ! ,director 
%all notify ! applicant z to :e!r !     
application receiv$ con/itutes a        
complete application4  7,b7 ,submission 
date = a complete application ,except z 
provid$ 9 subp>agraph 7,d71 a complete  
application %all be treat$ z submitt$ on
 ! date orig9ally submitt$ to !         
,director4  7,c7 ,notification (        
incomplet5ess ,if ! ,director det]m9es t
 an application submitt$ pursuant to    
p>agraph 7#a7 is incomplete1 ! ,director
 %all notify ! applicant & provide = a  
reasonable opportunity1 z det]m9$ by !  
,director1 = ! applicant to submit !    
additional in=mation necess>y to        
complete ! application4  7,d7           
,submission date = a previ\sly          
incomplete application ,9 a case 9 :i*  
an application is complet$ pursuant to  
subp>agraph 7,c71 ! complet$ application
 %all be treat$ z submitt$ on ! date on 
:i* ! additional in=mation necess>y to  

complete ! application is submitt$ to ! 
,director pursuant to su* subp>agraph4  
7#d7 ,notice to applicants ,n lat] ?an  
#ahj days aft] ! date on :i* ! ,director
 receives f an eligible entity a        
complete application "u ?is subsection1 
! ,director %all provide to ! eligible  
entity writt5 notice-- 7,a7 approv+ !   
application2 or  7,b7 d5y+ ! application
 & provid+ guidance on :y ! application 
0 s d5i$4  7#e7 ,solicitations ,n lat]  
?an #a ye> aft] ! date ( ! enactm5t (   
?is ,act1 ! ,director %all solicit      
applications "u ?is subsection4  7d7    
,cr$itwor?9ess  7#a7 ,9 g5]al ,no direct
 loan = an eligible project may be issu$
 to an eligible entity "u ?is ,act      
unless ! ,director det]m9es t-- 7,a7 !  
project has ! pot5tial to enable !      
,national ,geospatial-,intellig5ce      
,ag5cy to meet mission-critical ne$s ( !
 ,ag5cy2  7,b7 ! eligible entity is     
cr$itwor?y2 &  7,c7 !re is a reasonable 
assurance ( repaym5t ( ! pr9cipal (1 &  
any int]e/ on1 ! propos$ direct loan by 

! eligible entity )\t ! eligible entity 
us+ ! proce$s ( sales to ! ,f$]al       
,gov]nm5t1 9 accordance ) subsection    
7e77#b77;,b74  7#b7 ,consid]ations ,9   
mak+ ! det]m9ations "u p>agraph 7#a71 ! 
,director %all take into consid]ation   
relevant factors1 includ+ ! foll[+3 7,a7
 ,! t]ms1 conditions1 f9ancial /ructure1
 & security features ( ! propos$ direct 
loan4  7,b7 ,! d$icat$ rev5ue s\rces    
propos$ to secure or fund ! repaym5t ( !
 propos$ direct loan4  7,c7 ,! f9ancial 
assumptions ^u :i* ! propos$ eligible   
project is bas$4  7,d7 ,! f9ancial      
s\ndness & cr$it hi/ory ( ! eligible    
entity4  7e7 ,direct loans  7#a7        
,agreem5ts  7,a7 ,9 g5]al ,subject to   
p>agraph 7#b71 ! ,director may ent] into
 an agreem5t ) an eligible entity !     
application ( :i* is approv$ pursuant to
 subsection 7c77#d77;,a7 to issue a     
direct loan to su* eligible entity = !  
purpose ( f9anc+ ! cov]$ co/s ( !       
eligible project specifi$ 9 su*         
application4  7,b7 ,cr$it subsidy fee   

,prior to ent]+ into an agreem5t "u ?is 
subsection ) respect to a propos$ direct
 loan1 ! ,director-- 7i7 9 consultation 
) ! ,director ( ! ,(fice ( ,managem5t & 
,budget1 %all det]m9e ! co/ 7z def9$ 9  
section #ejb ( ! ,f$]al ,cr$it ,re=m    
,act ( #aiij 7#b ,u4,s4,c4 #ffa;a77 to !
 ,f$]al ,gov]nm5t ( issu+ ! propos$     
direct loan2 &  7ii7 %all *>ge & collect
 f ! eligible entity1 z a cr$it subsidy 
fee1 a paym5t equal to ! am\nt det]m9$  
"u clause 7i7 to cov] ! co/ ( ! propos$ 
direct loan4  7#b7 ,t]ms & limitations  
7,a7 ,9 g5]al ,a direct loan issu$ "u   
?is ,act %all be subject to su* t]ms &  
conditions1 & conta9 su* cov5ants1      
repres5tations1 w>ranties1 &            
requirem5ts1 includ+ requirem5ts =      
audits1 z ! ,director det]m9es          
appropriate4  7,b7 ,repaym5t ,no direct 
loan issu$ "u ?is ,act1 includ+ any "p (
 ! pr9cipal (1 or int]e/ on1 su* a      
direct loan1 may be repaid ) ! proce$s (
 a sale to ! ,f$]al ,gov]nm5t4  7,c7    
,int]e/ rate ,! int]e/ rate on a direct 

loan issu$ "u ?is ,act %all be n less   
?an ! av]age m>ket yield on out/&+      
m>ketable ,unit$ ,/ates ,treasury       
securities hav+ maturities comp>able to 
! maturity ( ! direct loan on ! date (  
execution ( ! loan agreem5t4  7,d7      
,maturity date ,! f9al maturity date ( a
 direct loan issu$ "u ?is ,act %all be !
 e>li] (-- 7i7 ! date t is #be ye>s aft]
 ! date ( sub/antial completion ( !     
relevant project2 or  7ii7 if ! useful  
life ( ! project1 z det]m9$ by !        
,director1 is less ?an #ce ye>s1 ! end (
 ! useful life ( ! project4  7,e7       
,nonsubord9ation ,a direct loan made "u 
?is ,act %all n be subord9ate to any o!r
 f9anc+ 9 ! ev5t ( bankruptcy1          
insolv5cy1 or liquidation ( ! obligor4  
7,f7 ,adm9i/rative exp5ses ,9 addition  
to ! *>g+ & collection ( cr$it subsidy  
fees "u p>agraph 7#a77;,b71 ! ,director 
may *>ge1 collect1 & sp5d fees at a     
level suffici5t to cov] all or a portion
 ( ! exp5se ( adm9i/]+ ?is section4 ,su*
 adm9i/rative exp5ses may include ! co/s

 ( s]vices obta9$ or reta9$ pursuant to 
subsection 7f7 ) respect to !           
adm9i/ration ( ?is section or a p>ticul>
 direct loan issu$ "u ?is section4  7#c7
 ,repaym5t  7,a7 ,9 g5]al ,! t]m ( any  
direct loan obligation "u ?is section   
%all require full repaym5t ( ! pr9cipal 
(1 & any int]e/ on1 ! direct loan by n  
lat] ?an ! maturity date set =? by      
p>agraph 7#b77;,d7 ) respect to t direct
 loan4  7,b7 ,comm5cem5t ,s*$ul$ loan   
repaym5ts ( ! pr9cipal (1 & any int]e/  
on1 a direct loan issu$ "u ?is section  
%all comm5ce by n lat] ?an-- 7i7 ! date 
t is #d ye>s aft] ! date ( sub/antial   
completion ( ! relevant project2 or     
7ii7 ! date t is #h ye>s aft] !         
disbursem5t date ( su* direct loan4     
7,c7 ,capitaliz$ int]e/ ,int]e/ on !    
out/&+ pr9cipal ( a direct loan issu$ "u
 ?is section %all accrue dur+ ! p]iod   
be=e ! fir/ s*$ul$ repaym5t date "u !   
repaym5t s*$ule = ! loan & %all be      
amortiz$ = paym5t ov] ! rema9+ t]m ( !  
loan4  7f7 ,assi/ance s]vices ,9 c>ry+  

out ?is section1 ! ,director may-- 7#a7 
reta9 ! s]vices ( p]sons1 includ+ c\nsel
 & consultants1 ) exp]tise 9 su* fields 
z ! ,director consid]s necess>y or      
helpful = purposes ( ?is section2 &     
7#b7 ent] into contracts1 includ+       
contracts = s]vices au?oriz$ by section 
#caji ( title #e1 ,unit$ ,/ates ,code4  
7g7 ,report to ,congress  7#a7          
,submission ,n lat] ?an #c ye>s aft] !  
date ( ! enactm5t ( ?is ,act1 !         
,director %all submit to ! congressional
 intellig5ce committees a report        
summ>iz+ ! projects = :i* ! ,director   
has issu$ direct loans "u ?is section4  
7#b7 ,matt]s ,! report "u p>agraph 7#a7 
%all include a description ( ! foll[+3  
7,a7 ,! applications receiv$ = direct   
loans "u ?is section4  7,b7 ,! projects 
select$ = direct loans "u ?is section1  
includ+ a description ( ! projects & !  
basis = ! selection ( ^? projects )     
respect to ! requirem5ts ( ?is section4 
7,c7 ,! am\nt ( ! direct loan provid$ = 
ea* project select$ "u ?is section1     

respectively4  7,d7 ,! f9ancial p]=mance
 ( ea* project select$ "u ?is section1  
includ+ an evaluation ( :e!r ! purpose  
"u subsection 7a7 is be+ fur!r$ by !    
project4  7,e7 ,! b5efits & effects ( ! 
implem5tation ( ?is section1 includ+ !  
b5efit to national security & o!r public
 b5efits provid$ by ! projects select$  
"u ?is ,act4  7h7 ,fund+  7#a7 ,use (   
funds ,obligations incurr$ by !         
,director "u ?is ,act %all be subject to
 ! availability ( funds provid$ 9       
advance specifically = ! purpose (      
direct loans au?oriz$ "u ?is ,act4 ,su* 
loans are subject to ! requirem5ts ( !  
,f$]al ,cr$it ,re=m ,act ( #aiij 7#b    
,u4,s4,c4 #ffa et seq474  7#b7          
,adm9i/rative exp5ses ,adm9i/rative     
exp5se fees collect$ pursuant to        
subsection 7e77#b77;,f7 %all be deposit$
 into ! appropriation acc\nt =          
adm9i/rative exp5ses ( ! direct loan    
program "u ?is ,act & %all be-- 7,a7 9  
addition to ! am\nt ( funds appropriat$ 
to be exp5d$ = adm9i/rative exp5ses2 &  

7,b7 available until exp5d$ =           
adm9i/rative exp5ses1 includ+ ongo+     
exp5ses1 ( ! direct loan program "u ?is 
section4  7#c7 ,cr$it subsidy fees      
,cr$it subsidy fees collect$ pursuant to
 subsection 7e77#a77;,b77ii7 %all be    
deposit$ into ! f9anc+ acc\nt = ! direct
 loan program e/abli%$ pursuant to !    
,f$]al ,cr$it ,re=m ,act ( #aiij 7#b    
,u4,s4,c4 #ffa et seq474  7i7 ,t]m9ation
 ,! au?ority to issue new direct loans  
"u ?is section %all t]m9ate on ! date t 
is #e ye>s aft] ! date ( ! enactm5t (   
?is ,act4  7j7 ,def9itions ,9 ?is       
section1 except z o!rwise provid$3 7#a7 
,congressional intellig5ce committees ,!
 t]m congressional intellig5ce          
committees has ! mean+ giv5 t t]m 9     
section #c ( ! ,national ,security ,act 
( #aidg 7#ej ,u4,s4,c4 #cjjc74  7#b7    
,cov]$ co/s ,! t]m cov]$ co/s means1 )  
respect to an eligible project-- 7,a7 ! 
co/ (-- 7i7 />tup-phase activities1     
includ+ plann+1 feasibility analysis    
7includ+ any relat$ analysis necess>y to

 c>ry out an eligible project71 rev5ue  
=eca/+1 environm5tal review1 p]mitt+1   
prelim9>y eng9e]+ & design "w1 & o!r    
precon/ruction activities2  7ii7        
satellites1 satellite laun*es1 & relat$ 
exp5ses2  7iii7 ! acquisition &         
improvem5t ( real prop]ty or an int]e/ 9
 real prop]ty2  7iv7 ! acquisition or   
manufactur+ ( equipm5t & compon5ts ( su*
 equipm5t2 &  7v7 capitaliz$ int]e/     
necess>y to meet m>ket requirem5ts1     
reasonably requir$ res]ve funds1 co/    
cont+5cies1 capital issuance exp5ses1 & 
o!r c>ry+ co/s dur+ con/ruction2 &  7,b7
 any o!r co/ ) respect to ! project t ! 
,director det]m9es ! f9anc+ ( :i* is    
necess>y to promote p>ticipation by a   
small bus9ess 9 satellite imag+         
capabilities t c be us$ = national      
security purposes1 includ+ ! acquisition
 ( geospatial intellig5ce 9 fur!rance ( 
! national security ( ! ,unit$ ,/ates4  
7#c7 ,director ,! t]m ,director means ! 
,director ( ! ,national                 
,geospatial-,intellig5ce ,ag5cy4  7#d7  

,direct loan ,! t]m direct loan means a 
disbursem5t ( funds by ! ,gov]nm5t to a 
non-,f$]al borr[] "u a contract t       
requires ! repaym5t ( su* funds ) or )\t
 int]e/4 ,! t]m includes ! pur*ase (1 or
 p>ticipation 91 a loan made by ano!r   
l5d] & f9anc+ arrangem5ts t def] paym5t 
= m ?an #ij days1 includ+ ! sale ( a    
,gov]nm5t asset on cr$it t]ms4 ,! t]m   
does n include ! acquisition ( a f$]ally
 gu>ante$ loan 9 satisfaction ( default 
claims4  7#e7 ,eligible entity ,! t]m   
eligible entity means a small bus9ess   
conc]n 7z def9$ "u section #c ( ! ,small
 ,bus9ess ,act 7#ae ,u4,s4,c4 #fcb77 t  
produces or supplies-- 7,a7 a te*nology 
li/$ 9 ! mo/ up-to-date v]sion ( ! li/ (
 critical & em]g+ te*nologies publi%$ by
 ! ,:ite ,h\se or ! integrat$ priority  
li/ publi%$ by ! ,adm9i/rator ( !       
,def5se ,te*nical ,in=mation ,c5t]2 or  
7,b7 any o!r te*nology t ! ,presid5t    
det]m9es is necess>y to ! national      
security ( ! ,unit$ ,/ates4  7#f7       
,eligible project ,! t]m eligible       

project means a project t uses          
geo/ation>y orbit satellites to acquire 
imm$iate & cont9u\s imag]y ( ! ,e>?4    
7#g7 ,obligor ,! t]m obligor means an   
eligible entity t is prim>ily liable =  
paym5t ( ! pr9cipal (1 & any int]e/ on1 
a direct loan made "u ?is section4  7#h7
 ,sub/antial completion ,! t]m          
sub/antial completion means1 ) respect  
to an eligible project1 ! date on :i* a 
project is consid]$ by ! ,director to   
a*ieve full op]ational capability4