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S 1445 114th Congress Senate Commerce Government lending and loan guarantees Small business

Microloan Act of 2015

Introduced: May 21, 2015 Introduced by: Fischer, Deb Republican · Nebraska See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
May 21, 2015
Read twice and referred to the Committee on Small Business and Entrepreneurship.
May 21, 2015
Introduced in Senate
 Plain-English summary Congressional Research Service

Microloan Act of 2015

This bill amends the Small Business Act to revise requirements for the Small Business Administration (SBA) Microloan Program (direct loans to eligible intermediaries for making fixed interest rate microloans to startup, newly established, or growing small businesses).

The bill repeals the authority for each intermediary to expend certain grant amounts to: (1) provide information and technical assistance to small businesses that are prospective borrowers, and (2) enter into third party contracts to provide technical assistance.

The bill also repeals minimum allocation requirements and authority to redistribute portions of remaining microloan funds in the third quarter.

It is the sense of Congress that the SBA should promote the Microloan Program to encourage entrepreneurs to use it.

What's happening now May 21, 2015

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

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