; or (2) $250,000. (c) Interest rate The interest rate on a loan made under this section shall be equal to the discount window primary credit interest rate most recently published on the Federal Reserve Statistical Release on selected interest rates (daily or weekly), commonly referred to as the H.15 release. (d) Report The Administrator of the Small Business Administration shall submit a report to Congress on the implementation and results of the program established under this section. (e) Authorization of appropriations There are authorized to be appropriated $25,000,000 for each of fiscal years 2018 to 2022. 5002. Pilot program to fund local incubators (a) Establishment The Secretary of Commerce shall establish a competitive program to make grants to States and political subdivisions of States to partner with local incubators in order to provide start-ups with workspace and other resources for use in developing their businesses. (b) Eligibility The Secretary may only award a grant under this section to a State or political subdivision of a State that submits an application at such time, in such form, and with such information and assurances as the Secretary may require, including an identification of one or more incubators with which the State or political subdivision will partner in implementing the grant. (c) Limitations (1) One grant per State or political subdivision A State or political subdivision of a State may not receive more than one grant under this section. For purposes of the preceding sentence, a grant received by a State shall not be considered to be received by a political subdivision of the State, and a grant received by a political subdivision of a State shall not be considered to be received by the State. (2) Amount of grant A grant awarded under this section may not exceed $500,000. (d) Use of funds (1) In general A State or political subdivision of a State that receives a grant under this section shall use grant funds to partner with one or more incubators located within the territory of