republic-os/legal/us/code/title-12/chapter-54/section-5708.md

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LegalText	12 U.S.C. § 5708	Implementation and administration	us	united_states_code	code_section	12	BANKS AND BANKING	54	STATE SMALL BUSINESS CREDIT INITIATIVE	5708	12 U.S.C. § 5708	current	119-100	2026-06-26	official	https://uscode.house.gov/download/releasepoints/us/pl/119/100/xml_usc12@119-100.zip	/us/usc/t12/s5708	data/legal/raw/us/code/title-12/usc12.xml	7ee2b41f42dac2223525b807832d002195d0d1bc8fcf04ce70707687893b50e0	e6b98700ef4156ac33fde5d105824845d727afa91a53f3762be2cf4d1a3b01fa	263474ecd82508e6e14fb0151af08b39e4c2256be585d2245728e8c2862a0297	2026-07-04	official	legal us-code

12 U.S.C. § 5708 - Implementation and administration

Text

(a) General authorities and duties The Secretary shall—

(1) consult with the Administrator of the Small Business Administration and the appropriate Federal banking agencies on the administration of the Program;

(2) establish minimum national standards for approved State programs;

(3) provide technical assistance to States for starting State programs and generally disseminate best practices;

(4) manage, administer, and perform necessary program integrity functions for the Program; and

(5) ensure adequate oversight of the approved State programs, including oversight of the cash flows, performance, and compliance of each approved State program.

(b) Appropriations There is hereby appropriated to the Secretary, out of funds in the Treasury not otherwise appropriated, $1,500,000,000 to carry out the Program, including to pay reasonable costs of administering the Program.

(c) Termination of Secretary’s Program administration functions The authorities and duties of the Secretary to implement and administer the Program shall terminate at the end of the 7-year period beginning on March 11, 2021.

(d) Expedited contracting During the 1-year period beginning on March 11, 2021, the Secretary may enter into contracts without regard to any other provision of law regarding public contracts, for purposes of carrying out this chapter.

(e) Technical assistance Of the amounts appropriated for fiscal year 2021 to carry out the Program, $500,000,000 may be used by the Secretary to—

(1) provide funds to States to carry out a technical assistance plan under which a State will provide legal, accounting, and financial advisory services, either directly or contracted with legal, accounting, and financial advisory firms, with priority given to business enterprises owned and controlled by socially and economically disadvantaged individuals, to very small businesses and business enterprises owned and controlled by socially and economically disadvantaged individuals applying for—

(A) State programs under the Program; and

(B) other State or Federal programs that support small businesses;

(2) transfer amounts to the Minority Business Development Agency, so that the Agency may use such amounts in a manner the Agency determines appropriate, including through contracting with third parties, to provide technical assistance to business enterprises owned and controlled by socially and economically disadvantaged individuals applying to—

(A) State programs under the Program; and

(B) other State or Federal programs that support small businesses; and

(3) contract with legal, accounting, and financial advisory firms (with priority given to business enterprises owned and controlled by socially and economically disadvantaged individuals), to provide technical assistance to business enterprises owned and controlled by socially and economically disadvantaged individuals applying to—

(A) State programs under the Program; and

(B) other State or Federal programs that support small businesses.

(Pub. L. 111–240, title III, § 3009, Sept. 27, 2010, 124 Stat. 2580; Pub. L. 117–2, title III, § 3301(a)(1)(F), (d), Mar. 11, 2021, 135 Stat. 69, 70.)

Notes

Amendments2021—Subsecs. (c), (d). Pub. L. 117–2, § 3301(a)(1)(F), substituted “March 11, 2021” for “September 27, 2010”. Subsec. (e). Pub. L. 117–2, § 3301(d), added subsec. (e).

Statutory Notes and Related Subsidiaries

Effective Date of 2021 AmendmentAmendment by Pub. L. 117–2 applicable with respect to funds appropriated under section 3301 of Pub. L. 117–2 and funds appropriated on and after Mar. 11, 2021, see section 3301(g) of Pub. L. 117–2, set out as a note under section 5701 of this title.