; (iii) a list of active, as of the date on which the application is submitted, State pension fund investments in venture capital funds and similar types of investments; (iv) a final report on outcomes in the State under each program established under the State Small Business Credit Initiative Act of 2010 ( 12 U.S.C. 5701 et seq.) (referred to in this subparagraph as the Initiative ), including— (I) the total amount expended in direct support of small businesses under the Initiative in the State; (II) the total amount of private capital leverage generated by each approved program under the Initiative in the State; (III) the amount of funds made available under the Initiative in the State that were not ultimately expended, if any; (IV) the amount of capital returned to the State in the form of investment returns or loan repayments under the Initiative; and (V) the actual uses of residual funds generated from the Initiative in the State; (v) a policy regarding the resolution of conflicts of interest with respect to the State program, including a comparison with that policy for the Department of the Treasury with respect to the Initiative; and (vi) an identification of which model described in subparagraph (A) the State intends to use for the State program of the State. (C) Review of application Not later than 90 days after the date on which the Secretary receives an application submitted by a State under subparagraph (B), the Secretary shall approve the application if the application satisfies all applicable requirements. (3) Duration of approval (A) In general Except as provided in subparagraph (C), a State program that the Secretary certifies as an approved State program under this subsection shall— (i) remain so certified for the 5-year period beginning on the date on which the Secretary certifies the program