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HR 2670 114th Congress House Commerce Administrative law and regulatory procedures Congressional oversight Credit and credit markets Economic performance and conditions Government lending and loan guarantees Government studies and investigations Minority and disadvantaged businesses Small Business Administration Small business Veterans' education, employment, rehabilitation Women in business

Microloan Modernization Act of 2015

Introduced: June 4, 2015 Introduced by: Moulton, Seth Democratic · Massachusetts See on congress.gov
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 Everywhere this bill has been 13 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Jul 14, 2015
Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
Jul 13, 2015
Motion to reconsider laid on the table Agreed to without objection.
Jul 13, 2015
On motion to suspend the rules and pass the bill Agreed to by voice vote. (text: CR H5099)
Jul 13, 2015
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by voice vote.(text: CR H5099)
Jul 13, 2015
DEBATE - The House proceeded with forty minutes of debate on H.R. 2670.
Jul 13, 2015
Considered under suspension of the rules. (consideration: CR H5099-5101)
Jul 13, 2015
Mr. Chabot moved to suspend the rules and pass the bill.
Jun 25, 2015
Placed on the Union Calendar, Calendar No. 140.
Jun 25, 2015
Reported by the Committee on Small Business. H. Rept. 114-188.
Jun 10, 2015
Ordered to be Reported by Voice Vote.
Jun 10, 2015
Committee Consideration and Mark-up Session Held.
Jun 4, 2015
Referred to the House Committee on Small Business.
Jun 4, 2015
Introduced in House
 Plain-English summary Congressional Research Service

Microloan Modernization Act of 2015

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 business concerns 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.

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.

The SBA may not impose limitations on the repayment term of a loan by an intermediary to a small business concern 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.

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

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.

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

What's happening now July 14, 2015

Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

 Committees of jurisdiction 2
 Cosponsors 3
All 3 Democratic 2 Republican 1