Approving collateral support and other innovative credit access and guarantee initiatives for small businesses and manufacturers

A participating State that establishes a new, or has an existing, credit support program that meets the eligibility criteria in subsection (c) may apply to the Secretary to have the State other credit support program approved as eligible for Federal contributions to, or for the account of, the State program. The Secretary shall approve such State other credit support program as eligible for Federal contributions to, or for the account of, the program if— For a State other credit support program to be approved under this section, that program shall be required to be a program of the State that— uses Federal funds allocated under this chapter to extend credit support that— In making a determination that a State other credit support program is eligible for Federal contributions to, or for the account of, the State program, the Secretary shall take into account the following additional considerations: A State other credit support program approved under this section will be eligible for receiving Federal contributions to, or for the account of, the State program in an amount consistent with the schedule describing the apportionment of allocated Federal funds among State programs delivered by the State to the Secretary under the allocation agreement. The Secretary shall, by regulation or other guidance, prescribe Program requirements for approved State other credit support programs. In prescribing minimum Program requirements for approved State other credit support programs, the Secretary shall take into consideration, to the extent the Secretary determines applicable and appropriate, the minimum Program requirements for approved State capital access programs in section 5704(e) of this title.