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H.R. 3099 · 108th Congress

Child Care Lending Pilot Act of 2003

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Never voted on. It didn't reach a floor vote before the 108th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

JMD Millender-McDonaldSponsor
55 cosponsors · 53 D, 1 R, 1 I

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…

What it does: CRS summary · Introduced in House · Sep 16, 2003

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.

Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov

About this bill and sources

Official title: Child Care Lending Pilot Act of 2003

Latest action (Sep 16, 2003): Referred to the House Committee on Small Business.

Policy area: Commerce · Origin: House · Introduced: Sep 16, 2003

Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)

No recorded floor vote found.