; or (v) loans, guarantees, and other instruments (excluding grants) approved by the BUILD Americas Unit or the Americas Enterprise Fund designated under section 253. (2) Grant authority (A) In general The Secretary of Commerce shall administer a grant program to award grants to covered entities. (B) Funding Funding for grants under the grant program required under subparagraph (A) shall be derived solely from the Re-Shoring and Near-Shoring Account established under section 301. (3) Administration (A) In the United States The Secretary or the Secretary of Commerce, as the case may be, may enter into arrangements with commercial banks, credit unions, or other entities in the United States as identified by the Secretary to administer loans authorized under paragraph (1) or grants authorized under paragraph (2) for covered entities to re-shore. (B) Outside the United States The Secretary or the Secretary of Commerce, as the case may be, may enter into arrangements with the BUILD Americas Unit or regional banks to administer loans authorized under paragraph (1) or grants authorized under paragraph (2) for covered entities to near-shore. (C) Deposit of interest The Secretary shall deposit any profits earned on interest bearing loans authorized under paragraph (1) in the Re-Shoring and Near-Shoring Account established under section 301. (D) Report Not later than one year after the date of the enactment of this Act, the Secretary shall submit to Congress a report on the progress of the arrangements entered into under this paragraph. (4) Annual reports (A) In general Not later than one year after the date of the enactment of this Act, and annually thereafter, the Board of Governors of each commercial bank with respect to which the Secretary or the Secretary of Commerce has entered into an arrangement under paragraph (4) and the BUILD Americas Unit shall submit to the Under Secretary a report on the administration by each such entity of loans or grants under this subsection, including— (i) a description of the loans