Small Business Access to Capital Act of 2016

[AI summary unavailable — showing source text] Small Business Access to Capital Act of 2016 This bill amends the Small Business Jobs Act of 2010 to extend for an additional eight fiscal years the State Small Business Credit Initiative to assist participating states to give collateral support and other innovative credit access and guarantee initiatives for small business concerns and manufacturers. The bill prescribes allocations of federal funds to participating states. Treasury may award, on a competitive basis, up to a total of $1 billion in two tranches, according to specified criteria, to participating states and consortiums of participating states for use: (1) for making federal contributions to, or for the account of, an approved state program; or (2) as collateral for a qualifying loan or swap funding facility. The State Small Business Credit Initiative Act of 2010 is amended to revise minimum program requirements for state capital access programs. Treasury may not approve any state capital access program that fails to include a plan that promotes a fair share of federal contributions to be used to strengthen and increase economic opportunities for small business concerns in low-and moderate-income, minority, and other u…