text: SECTION 1. SHORT TITLE.
  
      This Act may be cited as the ``Small Business Lending to 
  Entrepreneurs for Growth in Underserved Populations Act of 2011'' or 
  the ``Small Business Leg-Up Act of 2011''.
  
  SEC. 2. FINDINGS.
  
      The Congress finds the following:
              (1) Families and small businesses in under-served areas 
          have for generations been unable to access affordable credit.
              (2) The financial crisis of 2008 only served to exacerbate 
          efforts by entrepreneurs to access capital for the purpose of 
          creating jobs and improving economic outcomes in the community.
              (3) Small business investments revitalize communities by 
          creating jobs but also contributing to the local tax base, 
          which helps finance investments in schools, hospitals, 
          infrastructure, and public safety.
              (4) The Community Development Financial Institutions Fund 
          is well placed to make careful, targeted investments in 
          community development financial institutions for the purposes 
          of improving economic outcomes for underserved families across 
          America.
              (5) Providing the Community Development Financial 
          Institutions Fund with a robust capital infusion will make 
          efficient use of taxpayer dollars, by leveraging Federal 
          investment for the purpose of small business lending.
  
  SEC. 3. TRANSFER OF FUNDS FROM SMALL BUSINESS LENDING FUND TO THE CDFI 
                FUND.
  
      (a) Unobligated Funds.--On the date of the expiration of the 
  investment authority described under section 4109(a) of the Small 
  Business Jobs Act of 2010, the Secretary shall transfer all unobligated 
  funds in the Small Business Lending Fund to the Community Development 
  Financial Institutions Fund.
      (b) Proceeds.--Section 4103(b)(3) of the Small Business Jobs Act of 
  2010 is amended to read as follows:
              ``(3) Proceeds transferred to cdfi fund.--All funds 
          received by the Secretary in connection with purchases made 
          pursuant to paragraph (1), including principal, interest 
          payments, dividend payments, and proceeds from the sale of any 
          financial instrument, shall be transferred to the Community 
          Development Financial Institutions Fund.''.
  
  SEC. 4. SMALL BUSINESS CAPITAL INVESTMENT PROGRAM.
  
      (a) In General.--The Riegle Community Development and Regulatory 
  Improvement Act of 1994 is amended by adding after section 108 the 
  following new section:
  
  ``SEC. 108A. SMALL BUSINESS CAPITAL INVESTMENT PROGRAM TO INCREASE 
                CREDIT AVAILABILITY FOR SMALL BUSINESSES.
  
      ``(a) Small Business Revolving Loan Program.--
              ``(1) In general.--Using amounts described under subsection 
          (b), the Administrator shall carry out a Small Business Capital 
          Investment Program (`Program') to make capital investments in 
          eligible community development financial institutions in order 
          to increase the availability of credit for small businesses.
              ``(2) Structure of the program.--To the extent practicable, 
          the Administrator shall carry out the Program in the same 
          manner as the Small Business Lending Fund Program authorized 
          under section 4103(a)(2) of the Small Business Jobs Act of 
          2010, except that--
                      ``(A) all funds received by the Administrator in 
                  connection with purchases made under the Program, 
                  including principal, interest payments, dividend 
                  payments, and proceeds from the sale of any financial 
                  instrument, shall be deposited into the Fund;
                      ``(B) eligible community development financial 
                  institutions may apply to receive a capital investment 
                  from the Fund in an amount not exceeding 10 percent of 
                  total assets, or such other percentage as the 
                  Administrator determines to be appropriate; and
                      ``(C) the authority to make capital investments in 
                  eligible community development financial institutions 
                  shall continue so long as amounts described under 
                  subsection (b) are available to make such investments.
      ``(b) Funding.--
              ``(1) In general.--Notwithstanding any other provision of 
          this Act, amounts deposited into the Fund pursuant to section 
          4(a) of the Small Business Leg-Up Act of 2011, section 
          4103(b)(3) of the Small Business Jobs Act of 2010, or 
          subsection (a)(2)(A) shall only be available to carry out the 
          Program established under subsection (a).
              ``(2) Administration costs.--Interest payments received 
          under subsection (a)(2)(A) may be used to pay for the 
          administrative costs of carrying out the Program.
              ``(3) Authorization of appropriations.--There is authorized 
          to be appropriated to the Administrator $4,000,000 to carry out 
          the Program.
      ``(c) Rulemaking.--The Administrator may issue such regulations as 
  the Administrator determines to be appropriate to carry out this 
  section.
      ``(d) Eligible Community Development Financial Institution Defined 
  .--For purposes of this section, the term `eligible community 
  development financial institution' means a community development 
  financial institution with assets of $10,000,000,000 or less, as 
  reported in audited financial statements.''.
      (b) Technical Amendment.--The table of contents for the Riegle 
  Community Development and Regulatory Improvement Act of 1994 is amended 
  by inserting after the item relating to section 108 the following new 
  item:
  
  ``108A. Small Business Capital Investment Program to increase credit 
                              availability for small businesses.''.
target: Small Business Lending to Entrepreneurs for Growth in Underserved Populations Act of 2011 or the Small Business Leg-Up Act of 2011 - Requires, upon the expiration of investment authority for the Small Business Lending Fund Program provided in the Small Business Jobs Act of 2010, that all unobligated funds in the Small Business Lending Fund be transferred to the Community Development Financial Institutions (CDFI) Fund. Directs that all funds received in connection with certain purchases of preferred stock and other financial instruments pursuant to such authority be transferred to the CDFI Fund.
  
   Amends the Riegle Community Development and Regulatory Improvement Act of 1994 to direct the Administrator of the CDFI Fund to carry out a Small Business Capital Investment (SBCI) Program (a small business revolving loan program) to continue making capital investments in eligible community development financial institutions in order to increase the availability of credit for small businesses.
  
  Requires that: (1) all funds the Administrator receives in connection with SBCI Program purchases be deposited in the CDFI Fund, and (2) the authority to make such capital investments continue so long as specified funding amounts are available.
  
  Allows eligible community development financial institutions (with maximum assets of $10 billion as reported in audited financial statements) to apply to receive a capital investment of up to 10% of total assets, or another appropriate percentage determined by the Administrator.
  
  Directs the Administrator, to the extent practicable and except as otherwise provided, to carry out the SBCI Program in the same manner as the Small Business Lending Fund Program.
feat_title: To transfer unobligated and repaid funds from the Small Business Lending Fund Program to the Community Development Financial Institutions Fund to continue the program of making capital investments in eligible community development financial institutions in order to increase the availability of credit for small businesses, and for other purposes.