Investing in America's Small Businesses Act of 2016

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Never voted on. It didn't reach a floor vote before the 114th Congress ended, so it expired. A bill has to be introduced again to be considered in a new Congress.

D MaloneySponsor

16 cosponsors · 16 D

11 signed on when it was introduced; the rest joined later. Cosponsors who withdrew aren't shown.

This bill 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.

What it does: CRS summary · Introduced in House · Apr 28, 2016

Investing in America's Small Businesses Act of 2016

The bill 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 $50,000, (2) have no prepayment penalty, and (3) meet any affordability requirements established by Administrator of the Fund.

A community development financial institution must provide non-federal matching funds equal to 50% of the amount of any grant received.

The bill prohibits the use of such grants to make direct loans to small businesses.

A community development financial institution may 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.

The Fund shall 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 2016

Latest action (Apr 28, 2016): Referred to the House Committee on Financial Services.

Policy area: Finance and Financial Sector · Origin: House · Introduced: Apr 28, 2016

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

No recorded floor vote found.