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Child Care Lending Pilot Act of 2003

Introduced: September 16, 2003 See on congress.gov

Everywhere this bill has been 3 steps

Introduced

In committee

Reported out

Passed House

Passed Senate

To President

Became law

Sep 16, 2003

Referred to the House Committee on Small Business.

Sep 16, 2003

Introduced in House

May 21, 2003

Sponsor introductory remarks on measure. (CR E963)

Plain-English summary Congressional Research Service

Child Care Lending Pilot Act of 2003 - Allows proceeds of loans made through the Small Business Administration (SBA) to local certified development companies for plant acquisition, construction, or expansion to be used to provide loans to small, nonprofit child care businesses, provided that: (1) the loan will be used for a sound business purpose approved by the SBA Administrator; (2) each business receiving the assistance meets eligibility requirements applicable to for-profit businesses; (3) one or more individuals have personally guaranteed the loan; and (4) the child care business has both clear and singular title to the collateral for the loan and sufficient cash flow to meet loan obligations and reasonable operating expenses. Prohibits more than seven percent of the total number of loans guaranteed in any fiscal year for local development companies from being awarded under this program. Terminates such authority at the end of FY 2006.

What's happening now September 16, 2003

Referred to the House Committee on Small Business.

Committees of jurisdiction 1