Microloan Modernization Act of 2015
Latest action · Sep 15, 2015 Placed on Senate Legislative Calendar under General Orders. Calendar No. 224.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedJul 23, 2015
- Passed SenateNot reached
- Passed HouseNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)
Microloan Modernization Act of 2015
(Sec. 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 business concerns that are their prospective borrowers.
(Sec. 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.
(Sec. 4) 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.
(Sec. 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 business concerns from SBA funds made available to the intermediary for working capital and the acquisition of materials, supplies, furniture, fixtures, and equipment.
(Sec. 6) 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.
(Sec. 7) 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.
Cosponsors 4
Members who signed on, in the order they did. Signatures ran from Jul 23, 2015 to Jul 28, 2015, with 2 there on the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-NH | Kelly Ayotte | Original | Jul 23, 2015 |
| R-SC | Tim Scott | Original | Jul 23, 2015 |
| D-NH | Jeanne Shaheen | Jul 27, 2015 | |
| D-MI | Gary C. Peters | Jul 28, 2015 |
Actions 5
Everything that happened, newest first.
- Sep 15, 2015Committee on Small Business and Entrepreneurship. Reported by Senator Vitter without amendment. Without written report.
- Sep 15, 2015Placed on Senate Legislative Calendar under General Orders. Calendar No. 224.
- Jul 29, 2015Committee on Small Business and Entrepreneurship. Ordered to be reported without amendment favorably.
- Jul 23, 2015Introduced in Senate
- Jul 23, 2015Read twice and referred to the Committee on Small Business and Entrepreneurship.
Related bills 2
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| HR 2670 | Microloan Modernization Act of 2015 | Related bill | Jul 14, 2015 |
| HR 2850 | Stop Overdose Stat Act of 2015 | Related bill | Jun 26, 2015 |
Subjects
Assigned by the Library of Congress. Policy area: Commerce.
- Administrative law and regulatory procedures
- Commerce
- Congressional oversight
- Credit and credit markets
- Government lending and loan guarantees
- Government studies and investigations
- Minority and disadvantaged businesses
- Small business
- Small Business Administration
- Veterans' education, employment, rehabilitation
- Women in business
Text 2
Each version as it was printed, newest first.
- Sep 15, 2015Reported to Senate
- Jul 23, 2015Introduced in Senate
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov.