1. Short title This Act may be cited as the Long-term Opportunities for Advancing New Studies for Biomedical Research Act or the LOANS for Biomedical Research Act . 2. Biobonds program (a) In general Not later than 180 days after the date of enactment of this Act, the Secretary of the Treasury, in consultation with the Secretary of Health and Human Services, shall establish a program, to be known as the BioBonds Program , to increase innovative biomedical research into therapies to address unmet medical needs, under which biomedical researchers seeking to conduct clinical trials with respect to a drug or device, but who cannot secure appropriate funding to conduct such trials, receive financial assistance through— (1) the purchasing of loans by fiscal agents under section 3; and (2) the sale and guarantee of BioBonds collateralized by such loans under section 4. (b) Biomedical researchers eligible for financial assistance (1) In general A person shall be eligible to receive a loan under the BioBonds Program if such person is conducting or seeking to conduct research with respect to a drug or device that is— (A) intended for use to meet an unmet medical need (as determined by the Secretary of Health and Human Services); and (B) under investigation in a controlled clinical trial under— (i) an investigational drug application in effect under section 505(i) of the Federal Food, Drug, and Cosmetic Act ( 21 U.S.C. 355(i) ) or section 351(a)(3) of the Public Health Service Act ( 42 U.S.C. 262(a)(3) ) (as applicable)