Limitations on amount of operating loans

The Secretary shall make or insure no loan under this subchapter— For purposes of this section, the inflation percentage applicable to a fiscal year is the percentage (if any) by which— Subject to paragraph (2), the Secretary may establish a program to make or guarantee microloans. The Secretary shall not make or guarantee a microloan under this subsection that would cause the total principal indebtedness outstanding at any 1 time for microloans made under this subsection to any 1 borrower to exceed $50,000. To the maximum extent practicable, the Secretary shall limit the administrative burdens and streamline the application and approval process for microloans under this subsection. Subject to subparagraph (B), during each of the 2014 through 2023 fiscal years, the Secretary may carry out a pilot project to make loans to community development financial institutions, as the Secretary determines appropriate— Prior to making a loan to an institution described in subparagraph (A), the Secretary shall— review and approve— To be eligible for a loan under subparagraph (A), an institution described in subparagraph (A) shall, as determined by the Secretary— Not less often than annually, on a date determined by the Secretary, an institution that has a loan under this paragraph shall provide to the Secretary such information as the Secretary may require to ensure that the services provided by the institution are serving the purposes of this subsection. The Secretary shall not make more than $10,000,000 in loans under this paragraph in any fiscal year.