S. 2595 · 109th Congress
504 Loan Program Modernization Act of 2006
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Never voted on. It didn't reach a floor vote before the 109th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
D
KerrySponsor1 cosponsor · 1 D
1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
504 Loan Program Modernization Act of 2006 - Amends the Small Business Act to extend through FY2009 the authorization of appropriations for the 504 Loan Program (a program initiated under title V of the Small Business Investment Act of 1958 that provides long-term financing to small businesses for expansion or modernization, delivered through nonprofit…
What it does: CRS summary · Introduced in Senate · Apr 6, 2006
504 Loan Program Modernization Act of 2006 - Amends the Small Business Act to extend through FY2009 the authorization of appropriations for the 504 Loan Program (a program initiated under title V of the Small Business Investment Act of 1958 that provides long-term financing to small businesses for expansion or modernization, delivered through nonprofit certified development companies (CDCs) established in the communities of such small businesses).
Amends the Small Business Investment Act of 1958 to outline requirements for development companies to qualify as CDCs for purposes of small business loans guaranteed by and administered through the Small Business Administration (SBA). Includes among such requirements that such companies: (1) employ fewer than 500 employees; (2) have a primary function of providing long-term financing to small businesses under the 504 Loan Program; and (3) maintain nonprofit status. Outlines additional requirements concerning board of directors, staffing, areas of operations (including multistate operation), and conflicts of interests. Includes as a goal of CDC projects the expansion of business in low-income communities.
Provides for, among other things: (1) the repeal of the sunset on reserve requirements for premier certified lenders; (2) permissible debt refinancing for state and local development companies; (3) a report from the SBA Administrator assessing the impact on fostering economic development caused by changes in fees for SBA-guaranteed small business loans; (4) additional equity for small business loans; (5) CDC contracting with a qualified third party to perform foreclosures and liquidations of defaulted small business loans; and (6) a report from the Administrator on the operation of the Premier Certified Lenders Program during the previous three-year period.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: 504 Loan Program Modernization Act of 2006
Latest action (Apr 6, 2006): Read twice and referred to the Committee on Small Business and Entrepreneurship.
Policy area: Commerce · Origin: Senate · Introduced: Apr 6, 2006
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.