H.R. 1756 · 111th Congress
Small Business Microloan Modernization Act of 2009
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Never voted on. It didn't reach a floor vote before the 111th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
R
HellerSponsor1 cosponsor · 1 R
0 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Small Business Microloan Modernization Act of 2009 - Amends provisions of the Small Business Act regarding the Microloan program (a program administered by the Small Business Administration [SBA] to provide small-scale loans to startup, newly established or growing small businesses for working capital or the acquisition of materials, supplies, or equipment)…
What it does: CRS summary · Introduced in House · Mar 26, 2009
Small Business Microloan Modernization Act of 2009 - Amends provisions of the Small Business Act regarding the Microloan program (a program administered by the Small Business Administration [SBA] to provide small-scale loans to startup, newly established or growing small businesses for working capital or the acquisition of materials, supplies, or equipment) to: (1) require the SBA Administrator to establish a process under which a lender provides to the major credit reporting agencies information about the borrower that is relevant to credit reporting (such as loan payment activity); (2) remove the requirement that Microloan loans be short-term only; (3) revise Microloan intermediary eligibility requirements; (4) increase from $7,500 to $10,000 the limit for loans made to intermediaries that will receive a reduced interest rate; (5) increase from 25% to 35% of grant funds received by Microloan intermediaries the amount that may be used to provide information and technical assistance to small businesses that are prospective borrowers; and (6) include disabled entrepreneurs and small business owners under the Microloan program.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Small Business Microloan Modernization Act of 2009
Latest action (Mar 26, 2009): Referred to the Subcommittee on Finance and Tax.
Policy area: Commerce · Origin: House · Introduced: Mar 26, 2009
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.