Supporting Entrepreneurs and Economic Development Act or the SEED Act
This bill requires lenders to refer applicants for certain small business loans to a resource partner if the applicant is determined ineligible for a loan under the program. Resource partners, such as small business development centers, provide informational tools and training to support business start-ups and existing business expansion.
Lenders and the Small Business Administration must report on the number of resource partner referrals and the Government Accountability Office must periodically report on the rate of such referrals.