COOPERATIVE EQUITY SECURITY GUARANTEE.

SEC. 6012. COOPERATIVE EQUITY SECURITY GUARANTEE.(a) In General.—Section 310B of the Consolidated Farm and Rural Development Act (7 U.S.C. 1932) is amended—(1) by striking “sec. 310B. (a)” and inserting the following:“SEC. 310B. ASSISTANCE FOR RURAL ENTITIES.“(a) Loans to Private Business Enterprises.—“(1) Definitions.—In this subsection:” ;(2) in subsection (a)—(A) by moving the second and fourth sentences so as to appear as the second and first sentences, respectively;(B) in the sentence beginning “As used in this subsection, the” (as moved by subparagraph (A)), by striking “As used in this subsection, the” and inserting the following:“(A) Aquaculture.—The”;(C) in the sentence beginning “For the purposes of this subsection, the”, by striking “For the purposes of this subsection, the” and inserting the following:“(B) Solar energy.—The”;(D) in the sentence beginning “The Secretary may also”—(i) by striking “The Secretary may also” and inserting the following:“(2) Loan purposes.—The Secretary may”;(ii) by inserting “and private investment funds that invest primarily in cooperative organizations” after “or nonprofit”;(iii) by striking “of (1) improving” and inserting “of—“(A) improving”;(iv) by striking “control, (2) the” and inserting “control;“(B) the”;(v) by striking “areas, (3) reducing” and inserting “areas;122 STAT. 1165 “(C) reducing”;(vi) by striking “areas, and (4) to” and inserting “areas; and“(D) to”;(E) in the sentence beginning “Such loans,”, by striking “Such loans,” and inserting the following:“(3) Loan guarantees.—Loans described in paragraph (2),”; and(F) in the last sentence, by striking “No loan” and inserting the following:“(4) Maximum amount of principal.—No loan”; and(3) in subsection (g)—(A) in paragraph (1), by inserting “, including guarantees described in paragraph (3)(A)(ii)” before the period at the end;(B) in paragraph (3)(A)—(i) by striking “(A) In general.—The Secretary” and inserting the following:“(A) Eligibility.—“(i) In general.—The Secretary”; and(ii) by adding at the end the following:“(ii) Equity.—The Secretary may guarantee a loan made for the purchase of preferred stock or similar equity issued by a cooperative organization or a fund that invests primarily in cooperative organizations, if the guarantee significantly benefits 1 or more entities eligible for assistance for the purposes described in subsection (a)(1), as determined by the Secretary.”; and(C) in paragraph (8)(A)(ii), by striking “a project—” and all that follows through the end of subclause (II) and inserting “a project that—“(I)(aa) is in a rural area; and“(bb) provides for the value-added processing of agricultural commodities; or“(II) significantly benefits 1 or more entities eligible for assistance for the purposes described in subsection (a)(1), as determined by the Secretary.”.(b) Conforming Amendments.—(1) Section 307(a)(6)(B) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1927(a)(6)(B)) is amended by striking clause (ii) and inserting the following:“(ii) section 310B(a)(2)(A); and”.(2) Section 310B(g) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1932(g)) is amended by striking “subsection (a)(1)” each place it appears in paragraphs (1), (6)(A)(iii), and (8)(C) and inserting “subsection (a)(2)(A)”.(3) Section 333A(g)(1)(B) of the Consolidated Farm and Rural Development Act (7 U.S.C. 1983a(g)(1)(B)) is amended by striking “section 310B(a)(1)” and inserting “section 310B(a)(2)(A)”.(4) Section 381E(d)(3)(B) of the Consolidated Farm and Rural Development Act (7 U.S.C. 2009d(d)(3)(B)) is amended by striking “section 310B(a)(1)” and inserting “section 310B(a)(2)(A)”.122 STAT. 1166