Microloan Modernization Act of 2015

HB 2670 Microloan Modernization Act of 2015

US Congress 114th Congress

Microloan Modernization Act of 2015
HB-2670


About HB-2670

Microloan Modernization Act of 2015


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Section 2

This bill amends the Small Business Act with respect to the rule under the Small Business Administration (SBA) Microloan Program (assisting low-income individuals to start and operate a small business) that permits SBA-designated microloan intermediary lenders to expend up to 25% of the grant funds they receive from the SBA to provide information and technical assistance to small businesses that are their prospective borrowers. The SBA must establish a process by which these microloan intermediaries may apply for, and the SBA may grant, a waiver of this 25/75 allocation. This rule shall require any waiver applicant to: specify how it will use the additional technical assistance, and make assurances that the intermediary will have sufficient funds to provide technical assistance to all of the intermediary's borrowers.


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Section 3

The total amount of loans outstanding and committed to any particular intermediary (excluding outstanding grants) from the SBA business loan and investment fund is increased from $5 million to $6 million for the remaining years of the intermediary's participation in the program.


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Section 4

The SBA may not impose limitations on the repayment term of a loan by an intermediary to a small business or entrepreneur. This repayment term, however, may not exceed: 6 years for a loan of $10,000 or less, or 10 years for a loan greater than $10,000.


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Section 5

An eligible intermediary may include lines of credit among the short-term, fixed rate loans it makes to startup, newly established, and growing small businesses from SBA funds made available to the intermediary for working capital and the acquisition of materials, supplies, furniture, fixtures, and equipment.


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Section 6

The Government Accountability Office shall: compare the operations of a representative sample of eligible intermediaries that participate in the microloan program and of eligible intermediaries that do not, study the reasons why the latter do not participate, recommend how to encourage increased participation by intermediaries in the microloan program, and recommend how to decrease the associated costs for intermediary participation.


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Section 7

The SBA Office of Advocacy shall report to Congress on the economic impact of a mandatory savings requirement on businesses eligible to participate in the microloan program, including on the benefits and costs of such a requirement, and make implementing recommendations.

  

Bill Texts

Engrossed 07/14/2015

Introduced 06/26/2015

Introduced 06/05/2015

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History

Received In The Senate And Read Twice And Referred To The Committee On Small Business And Entrepreneurship.

07/14/2015

Mr. Chabot Moved To Suspend The Rules And Pass The Bill.

07/13/2015

Considered Under Suspension Of The Rules. (consideration: Cr H5099-5101)

07/13/2015

Debate - The House Proceeded With Forty Minutes Of Debate On H.r. 2670.

07/13/2015

On Motion To Suspend The Rules And Pass The Bill Agreed To By Voice Vote. (text: Cr H5099)

07/13/2015

Motion To Reconsider Laid On The Table Agreed To Without Objection.

07/13/2015

Reported By The Committee On Small Business. H. Rept. 114-188.

06/25/2015

Placed On The Union Calendar, Calendar No. 140.

06/25/2015

Committee Consideration And Mark-up Session Held.

06/10/2015

Ordered To Be Reported By Voice Vote.

06/10/2015

Introduced In House

06/04/2015

Referred To The House Committee On Small Business.

06/04/2015