S. 409 106th Congress Senate

PRIME Act

Official title: A bill to authorize qualified organizations to provide technical assistance and capacity building services to microenterprise development organizations and programs and to disadvantaged entrepreneurs using funds from the Community Development Financial Institutions Fund, and for other purposes.

Introduced: February 10, 1999 See on congress.gov

Commerce Business educationCommunity Development Financial Institutions FundCommunity development bankingEconomics and Public Finance

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EntrepreneursGovernment Operations and PoliticsGovernment and businessGovernment corporationsGrants-in-aidHousing and Community DevelopmentIndian economic developmentMinoritiesMinority business enterprisesNonprofit organizationsPluralism (Social sciences)PoorRural economic developmentSmall businessSocial WelfareUrban affairsUrban economic development

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Feb 10, 1999

Read twice and referred to the Committee on Banking.

Feb 10, 1999

Sponsor introductory remarks on measure. (CR S1430-1431)

Feb 10, 1999

Introduced in Senate

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Latest action February 10, 1999

Read twice and referred to the Committee on Banking.

Plain-English summary Congressional Research Service

Program for Investment in Microentrepreneurs Act of 1999 - Amends the Reigle Community Development and Regulatory Improvement Act of 1994 to add to title I a new subtitle C, which may be cited as the Program for Investment in Microentrepreneurs Act of 1999. Directs the Administrator of the Community Development Financial Institutions Fund to establish a microenterprise technical assistance and capacity building program to provide Fund grants to qualified non profit organizations to: (1) provide training and technical assistance to disadvantaged entrepreneurs; (2) provide training and capacity building services to help microenterprise development organizations and programs develop microenterprise training and services; and (3) aid in researching and developing the best practices in the field of microenterprise and technical assistance programs for disadvantaged entrepreneurs. Sets forth an allocation formula for such assistance and for grants benefitting very low-income persons, including those residing on Indian reservations.

Authorizes a qualified organization to provide subgrants to small and emerging microenterprise entities. Mandates matching funds from non-Federal sources.

Authorizes appropriations.

Bill text 1 version