BUSINESS AND INDUSTRY AND COMMUNITY FACILITY LOANS.

SEC. 1811. BUSINESS AND INDUSTRY AND COMMUNITY FACILITY LOANS. Section 333A(a) (7 U.S.C. 1983a(a)) is amended by adding at the end the following new paragraph: “(4) (A) Notwithstanding paragraph (1), each application for a loan or loan guarantee under section 310B(a), or for a loan under section 306(a), that is to be disapproved by the Secretary solely because the Secretary lacks the necessary amount of funds to make the loan or guarantee shall not be disapproved but shall be placed in pending status. “(B) The Secretary shall retain the pending application and reconsider the application beginning on the date that sufficient funds become available. “(C) Not later than 60 days after funds become available regarding each pending application, the Secretary shall notify the applicant of the approval or disapproval of funding for the application.”.