H.R. 3635 · 112th Congress
Investing in America's Small Businesses Act of 2011
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Never voted on. It didn't reach a floor vote before the 112th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.
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MaloneySponsor15 cosponsors · 15 D
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Richardson
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Johnson
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Hahn
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Peters
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Hinchey
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Rangel
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Towns
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Doggett
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Roybal-Allard
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Lewis
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Olver
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Richmond1 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.
Investing in America's Small Businesses Act of 2011 - Amends the Community Development Banking and Financial Institutions Act of 1994 to require the Community Development Financial Institutions Fund to make grants to community development financial institutions to enable such institutions to establish a loan-loss reserve fund to defray the costs of a small…
What it does: CRS summary · Introduced in House · Dec 12, 2011
Investing in America's Small Businesses Act of 2011 - Amends the Community Development Banking and Financial Institutions Act of 1994 to require the Community Development Financial Institutions Fund to make grants to community development financial institutions to enable such institutions to establish a loan-loss reserve fund to defray the costs of a small business loan program.
Defines "small business loan program" as a program in which a community development financial institution offers loans to small businesses that: (1) are made in amounts up to $25,000, (2) have no prepayment penalty, and (3) meet any affordability requirements established by Administrator of the Fund.
Requires a community development financial institution to provide non-federal matching funds equal to 50% of the amount of any grant received.
Prohibits the use of such grants to make direct loans to small businesses.
Permits a community development financial institution to use such a grant to: (1) help recapture a portion or all of a defaulted loan made under its small business loan program, and (2) designate and utilize a fiscal agent for services the agent normally provides.
Requires the Fund to make technical assistance grants to community development financial institutions to create, support, or maintain such a program.
Written by the nonpartisan Congressional Research Service. All summary versions on Congress.gov
About this bill and sources
Official title: Investing in America's Small Businesses Act of 2011
Latest action (Jan 12, 2012): Referred to the Subcommittee on Financial Institutions and Consumer Credit.
Policy area: Finance and Financial Sector · Origin: House · Introduced: Dec 12, 2011
Official page on Congress.gov · Bill text (GovInfo) · Status record (XML)
No recorded floor vote found.