116TH CONGRESS 

2D SESSION H. R. 7903 

AN ACT 

To amend the Small Business Act to establish the 

Community Advantage Loan Program. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 
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1 SECTION 1. COMMUNITY ADVANTAGE LOAN PROGRAM. 

2 Section 7(a) of the Small Business Act (15 U.S.C. 

3 636(a)) is amended by adding at the end the following: 

4 ‘‘(37) COMMUNITY ADVANTAGE LOAN PRO5 GRAM.— 

6 ‘‘(A) PURPOSES.—The purposes of the 

7 Community Advantage Loan Program are— 

8 ‘‘(i) to create a mission-oriented loan 

9 guarantee program that builds on the dem10 onstrated success of the Community Ad11 vantage Pilot Program of the Administra12 tion, as established in 2011, to reach more 

13 underserved small business concerns; 

14 ‘‘(ii) to increase lending to small busi15 ness concerns in underserved and rural 

16 markets, including veterans and members 

17 of the military community, small business 

18 concerns owned and controlled by socially 

19 and economically disadvantaged individ20 uals, women, and startups; 

21 ‘‘(iii) to ensure that the program 

22 under this subsection (in this paragraph 

23 referred to as the ‘7(a) loan program’) is 

24 more inclusive and more broadly meets 

25 congressional intent to reach borrowers 
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1 who are unable to get credit elsewhere on 

2 reasonable terms and conditions; 

3 ‘‘(iv) to help underserved small busi4 ness concerns become bankable by utilizing 

5 the small-dollar financing and business 

6 support experience of mission-oriented 

7 lenders; 

8 ‘‘(v) to allow certain mission-oriented 

9 lenders, primarily nonprofit financial inter10 mediaries focused on economic develop11 ment in underserved markets, to access 

12 guarantees for loans under this subsection 

13 (in this paragraph referred to as ‘7(a) 

14 loans’) of not more than $250,000 and 

15 provide management and technical assist16 ance to small business concerns as needed; 

17 ‘‘(vi) to provide certainty for the lend18 ing partners that make loans under this 

19 subsection and to attract new lenders; and 

20 ‘‘(vii) to encourage collaboration be21 tween mission-oriented and conventional 

22 lenders under this subsection in order to 

23 support underserved small business con24 cerns. 

25 ‘‘(B) DEFINITIONS.—In this paragraph— 
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1 ‘‘(i) the term ‘covered institution’ 

2 means— 

3 ‘‘(I) a development company, as 

4 defined in section 103 of the Small 

5 Business Investment Act of 1958 (15 

6 U.S.C. 662), participating in the 504 

7 Loan Guaranty program established 

8 under title V of such Act (15 U.S.C. 

9 695 et seq.); 

10 ‘‘(II) a nonprofit intermediary, as 

11 defined in subsection (m)(12), partici12 pating in the microloan program 

13 under subsection (m); 

14 ‘‘(III) a non-Federally regulated 

15 entity certified as a community devel16 opment financial institution by the 

17 Community Development Financial 

18 Institutions Fund established under 

19 section 104(a) of the Riegle Commu20 nity Development and Regulatory Im21 provement Act of 1994 (12 U.S.C. 

22 4703(a)); and 

23 ‘‘(IV) an eligible intermediary, as 

24 defined in subsection (l)(1), as in ef25 fect on the day before the date of en-
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1 actment of this paragraph, that par2 ticipated in the Intermediary Lending 

3 Pilot Program established under sub4 section (l)(2); 

5 ‘‘(ii) the term ‘existing business’ 

6 means a small business concern that has 

7 been in existence for not less than 2 years 

8 on the date on which a loan is made to the 

9 small business concern under the program; 

10 ‘‘(iii) the term ‘new business’ means a 

11 small business concern that has been exist12 ence for not more than 2 years on the date 

13 on which a loan is made to the small busi14 ness concern under the program; 

15 ‘‘(iv) the term ‘program’ means the 

16 Community Advantage Loan Program es17 tablished under subparagraph (C); 

18 ‘‘(v) the term ‘Reservist’ means a 

19 member of a reserve component of the 

20 Armed Forces named in section 10101 of 

21 title 10, United States Code; 

22 ‘‘(vi) the term ‘rural area’ means any 

23 county that the Bureau of the Census has 

24 defined as mostly rural or completely rural 

25 in the most recent decennial census; 
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1 ‘‘(vii) the term ‘service-connected’ has 

2 the meaning given the term in section 

3 101(16) of title 38, United States Code; 

4 ‘‘(viii) the term ‘small business con5 cern in an underserved market’ means a 

6 small business concern— 

7 ‘‘(I) that is located in— 

8 ‘‘(aa) a low- to moderate-in9 come community; 

10 ‘‘(bb) a HUBZone; 

11 ‘‘(cc) a community that has 

12 been designated as an empower13 ment zone or an enterprise com14 munity under section 1391 of the 

15 Internal Revenue Code of 1986; 

16 ‘‘(dd) a community that has 

17 been designated as a promise 

18 zone by the Secretary of Housing 

19 and Urban Development; 

20 ‘‘(ee) a community that has 

21 been designated as a qualified 

22 opportunity zone under section 

23 1400Z–1 of the Internal Revenue 

24 Code of 1986; 

25 ‘‘(ff) a rural area; or 
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1 ‘‘(gg) any area for which a 

2 disaster declaration or determina3 tion described in subparagraphs 

4 (A), (B), (C), or (E) of sub5 section (b)(2) has been made 

6 that has not terminated or ex7 pired more than 2 years before 

8 the date (or later, as determined 

9 by the Administrator) on which a 

10 loan is made to such concern 

11 under the program; 

12 ‘‘(II) for which more than 50 

13 percent of the employees reside in a 

14 low- or moderate-income community; 

15 ‘‘(III) that is a startup or new 

16 business; 

17 ‘‘(IV) owned and controlled by 

18 socially and economically disadvan19 taged individuals, including Black 

20 Americans, Hispanic Americans, Na21 tive Americans, Asian Pacific Ameri22 cans, and other minorities; 

23 ‘‘(V) owned and controlled by 

24 women; 
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1 ‘‘(VI) owned and controlled by 

2 veterans; 

3 ‘‘(VII) owned and controlled by 

4 service-disabled veterans; 

5 ‘‘(VIII) not less than 51 percent 

6 owned and controlled by one or 

7 more— 

8 ‘‘(aa) members of the Armed 

9 Forces participating in the Tran10 sition Assistance Program of the 

11 Department of Defense; 

12 ‘‘(bb) Reservists; 

13 ‘‘(cc) spouses of veterans, 

14 members of the Armed Forces, or 

15 Reservists; or 

16 ‘‘(dd) surviving spouses of 

17 veterans who died on active duty 

18 or as a result of a service-con19 nected disability; or 

20 ‘‘(IX) that is eligible to receive a 

21 veterans advantage loan; 

22 ‘‘(ix) the term ‘small business concern 

23 owned and controlled by socially and eco24 nomically disadvantaged individuals’ has 
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1 the meaning given the term in section 

2 8(d)(3)(C); 

3 ‘‘(x) the term ‘startup’ means a busi4 ness that has not yet opened; and 

5 ‘‘(xi) the term ‘veterans advantage 

6 loan’ means a loan made to a small busi7 ness concern under this subsection that is 

8 eligible for a waiver of the guarantee fee 

9 under paragraph (18) or the yearly fee 

10 under paragraph (23) because the small 

11 business concern is a concern described in 

12 subclause (VI), (VII), or (VIII) of clause 

13 (viii). 

14 ‘‘(C) ESTABLISHMENT.—There is estab15 lished a Community Advantage Loan Program 

16 under which the Administration may guarantee 

17 loans made by covered institutions under this 

18 subsection, including loans made to small busi19 ness concerns in underserved markets. 

20 ‘‘(D) PROGRAM LEVELS.—In each of fiscal 

21 years 2021 through 2025, not more than 10 

22 percent of the number of loans guaranteed 

23 under this subsection may be guaranteed under 

24 the program. 

25 ‘‘(E) NEW LENDERS.— 
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1 ‘‘(i) FISCAL YEARS 2021 AND 2022.—In 

2 each of fiscal years 2021 and 2022— 

3 ‘‘(I) not more than 150 covered 

4 institutions shall participate in the 

5 program; and 

6 ‘‘(II) the Administrator shall 

7 allow for new applicants and give pri8 ority to applications submitted by any 

9 covered institution that is located in 

10 an area with insufficient lending 

11 under the program. 

12 ‘‘(ii) FISCAL YEARS 2023, 2024, AND

13 2025.— 

14 ‘‘(I) IN GENERAL.—In each of 

15 fiscal years 2023, 2024, and 2025— 

16 ‘‘(aa) except as provided in 

17 subclause (II), not more than 

18 175 covered institutions shall 

19 participate in the program; and 

20 ‘‘(bb) the Administrator 

21 shall allow for new applicants 

22 and give priority to applications 

23 submitted by any covered institu24 tion that is located in an area 
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1 with insufficient lending under 

2 the program. 

3 ‘‘(II) EXCEPTION FOR FISCAL

4 YEAR 2025.—In fiscal year 2025, not 

5 more than 200 covered institutions 

6 may participate in the program if— 

7 ‘‘(aa) after reviewing the re8 port under subparagraph 

9 (M)(iii), the Administrator deter10 mines that not more than 200 

11 covered institutions may partici12 pate in the program; 

13 ‘‘(bb) the Administrator no14 tifies Congress in writing of the 

15 determination of the Adminis16 trator under item (aa); and 

17 ‘‘(cc) not later than July 30, 

18 2024, the Administrator notifies 

19 the public of the determination of 

20 the Administrator under item 

21 (aa). 

22 ‘‘(F) GRANDFATHERING OF EXISTING

23 LENDERS.—Any covered institution that par24 ticipated in the Community Advantage Pilot 

25 Program of the Administration and is in good 
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1 standing on the day before the date of enact2 ment of this paragraph— 

3 ‘‘(i) shall retain designation in the 

4 program; and 

5 ‘‘(ii) shall not be required to submit 

6 an application to participate in the pro7 gram. 

8 ‘‘(G) REQUIREMENT TO MAKE LOANS TO

9 UNDERSERVED MARKETS.—Not less than 75 

10 percent of loans made by a covered institution 

11 under the program shall consist of loans made 

12 to small business concerns in underserved mar13 kets. 

14 ‘‘(H) MAXIMUM LOAN AMOUNT.— 

15 ‘‘(i) IN GENERAL.—Except as pro16 vided in clause (ii), the maximum loan 

17 amount for a loan guaranteed under the 

18 program is $250,000. 

19 ‘‘(ii) EXCEPTION.— 

20 ‘‘(I) IN GENERAL.—The Admin21 istration may, in the discretion of the 

22 Administration, approve a guarantee 

23 of a loan under the program that is 

24 more than $250,000 and not more 

25 than $350,000. 
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1 ‘‘(II) NOTIFICATION.—Not later 

2 than 2 days after approving the guar3 antee of a loan under subclause (I), 

4 the Administration shall provide noti5 fication of the approval to the covered 

6 institution making the loan. 

7 ‘‘(I) INTEREST RATES.— 

8 ‘‘(i) IN GENERAL.—Except as pro9 vided in clause (ii), the maximum allowable 

10 interest rate prescribed by the Administra11 tion on any financing made on a deferred 

12 basis pursuant to the program shall not 

13 exceed the maximum allowable interest 

14 rate in effect on September 1, 2018. 

15 ‘‘(ii) MODIFICATION.—The Adminis16 tration shall not modify the maximum al17 lowable interest rate described in clause (i) 

18 unless the Administration provides the 

19 public with an opportunity to comment for 

20 a period of not less than 180 days before 

21 implementing the modified interest rate. 

22 ‘‘(J) TRAINING AND TECHNICAL ASSIST23 ANCE.—The Administration— 

24 ‘‘(i) shall in person and online, pro25 vide upfront and ongoing training and 
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1 technical assistance for covered institutions 

2 making loans under the program in order 

3 to support prudent lending standards and 

4 improve the interface between the covered 

5 institutions and the Administration; 

6 ‘‘(ii) shall ensure that the training 

7 and technical assistance described in clause 

8 (i) is provided for free or at a low-cost; 

9 and 

10 ‘‘(iii) may enter into a contract to 

11 provide the training or technical assistance 

12 described in clause (i) with an organization 

13 with expertise in lending under this sub14 section, mission-oriented lending, and lend15 ing to underserved markets. 

16 ‘‘(K) DELEGATED AUTHORITY.—A covered 

17 institution is not eligible to receive delegated 

18 authority from the Administration under the 

19 program until the covered institution makes not 

20 less than 7 loans under the program. 

21 ‘‘(L) REGULATIONS.— 

22 ‘‘(i) IN GENERAL.—Not later than 

23 180 days after the date of enactment of 

24 this paragraph and in accordance with the 

25 notice and comment procedures under sec-
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1 tion 553 of title 5, United States Code, the 

2 Administrator shall promulgate regulations 

3 to carry out the program, which shall— 

4 ‘‘(I) outline the requirements for 

5 participation by covered institutions in 

6 the program; 

7 ‘‘(II) define performance metrics 

8 for covered institutions participating 

9 in the program for the first time, 

10 which are required to be met in order 

11 to continue participating in the pro12 gram; 

13 ‘‘(III) determine the credit score 

14 of a small business concern under 

15 which the Administration is required 

16 to underwrite a loan provided to the 

17 small business concern under the pro18 gram and the loan may not be made 

19 using the delegated authority of a cov20 ered institution; 

21 ‘‘(IV) require each covered insti22 tution that sells loans made under the 

23 program on the secondary market to 

24 establish a loan loss reserve fund, 

25 which— 
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1 ‘‘(aa) with respect to cov2 ered institutions in good stand3 ing, including the covered institu4 tions described in subparagraph 

5 (F), shall be maintained at a 

6 level equal to 3 percent of the 

7 outstanding guaranteed portion 

8 of the loans; and 

9 ‘‘(bb) with respect to any 

10 other covered institution, shall be 

11 maintained at a level equal to 5 

12 percent of the outstanding guar13 anteed portion of the loans; and 

14 ‘‘(V) allow the Administrator to 

15 require additional amounts to be de16 posited into a loan loss reserve fund 

17 established by a covered institution 

18 under subclause (IV) based on the 

19 risk characteristics or performance of 

20 the covered institution and the loan 

21 portfolio of the covered institution. 

22 ‘‘(ii) PILOT PROGRAM.— 

23 ‘‘(I) REVERSION.—Beginning on 

24 the date of enactment of this para25 graph and ending on the day before 
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1 the date on which the regulations pro2 mulgated by the Administrator under 

3 clause (i) take effect, the Adminis4 trator may only carry out the Commu5 nity Advantage Pilot Program of the 

6 Administration based on applicable 

7 program guidelines, requirements, and 

8 other policy in effect on September 1, 

9 2018, except that the definition of un10 derserved market shall include— 

11 ‘‘(aa) a community and an 

12 area described in items (ee) and 

13 (ff), respectively, of subpara14 graph (B)(viii)(I); and 

15 ‘‘(bb) small business con16 cerns described in clauses (IV) 

17 and (V) of subparagraph 

18 (B)(viii). 

19 ‘‘(II) TERMINATION.—Beginning 

20 on the date on which the regulations 

21 promulgated by the Administrator 

22 under clause (i) take effect, the Ad23 ministrator may not carry out the 

24 Community Advantage Pilot Program 

25 of the Administration. 
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1 ‘‘(M) REPORTING.— 

2 ‘‘(i) WEEKLY REPORTS.— 

3 ‘‘(I) IN GENERAL.—The Admin4 istration shall report on the website of 

5 the Administration, as part of the 

6 weekly reports on lending approvals 

7 under this subsection— 

8 ‘‘(aa) on and after the date 

9 of enactment of this paragraph 

10 until the date on which the regu11 lations promulgated under sub12 paragraph (L)(i) take effect, the 

13 number and dollar amount of 

14 loans guaranteed under the Com15 munity Advantage Pilot Program 

16 of the Administration; and 

17 ‘‘(bb) on and after the date 

18 on which the Administration be19 gins to approve loans under the 

20 program, the number and dollar 

21 amount of loans guaranteed 

22 under the program. 

23 ‘‘(II) SEPARATE ACCOUNTING.— 

24 The number and dollar amount of 

25 loans reported in a weekly report 
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1 under subclause (I) for loans guaran2 teed under the Community Advantage 

3 Pilot Program of the Administration 

4 and under the program shall include a 

5 breakdown by the categories of race, 

6 ethnicity, and gender of the owners of 

7 the small business concerns. 

8 ‘‘(ii) ANNUAL REPORTS.— 

9 ‘‘(I) IN GENERAL.—For each of 

10 the first 5 fiscal years in which the 

11 program is in effect, the Administra12 tion shall submit to the Committee on 

13 Small Business and Entrepreneurship 

14 of the Senate and the Committee on 

15 Small Business of the House of Rep16 resentatives, and make publicly avail17 able on the internet, information 

18 about loans provided under the pro19 gram and under the Community Ad20 vantage Pilot Program of the Admin21 istration. 

22 ‘‘(II) CONTENTS.—Each report 

23 submitted and made publicly available 

24 under subclause (I) shall include— 
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1 ‘‘(aa) the number and dollar 

2 amounts of loans provided to 

3 small business concerns under 

4 the program and under the Com5 munity Advantage Pilot Program 

6 of the Administration, including 

7 a breakdown by— 

8 ‘‘(AA) the gender of the 

9 owners of the small business 

10 concern; 

11 ‘‘(BB) the race and 

12 ethnicity of the owners of 

13 the small business concern, 

14 disaggregated in a manner 

15 that captures all the racial 

16 groups specified in the 

17 American Community Sur18 vey conducted by the Bu19 reau of the Census; 

20 ‘‘(CC) whether the 

21 small business concern is lo22 cated in an urban or rural 

23 area; and 

24 ‘‘(DD) whether the 

25 small business concern is a 
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1 startup, an existing busi2 ness, or a new business, as 

3 provided in the weekly re4 ports on lending approvals 

5 under this subsection; 

6 ‘‘(bb) the proportion of loans 

7 described in item (aa) compared 

8 to— 

9 ‘‘(AA) other 7(a) loans 

10 of any amount; 

11 ‘‘(BB) other 7(a) loans 

12 of similar amounts; 

13 ‘‘(CC) express loans 

14 provided under paragraph 

15 (31) of similar amounts; and 

16 ‘‘(DD) other 7(a) loans 

17 of similar amounts provided 

18 to small business concerns 

19 in underserved markets; 

20 ‘‘(cc) a comparison of the 

21 number and dollar amounts of 

22 loans provided to small business 

23 concerns under the program, 

24 under the Community Advantage 

25 Pilot Program of the Administra-
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1 tion, and under each category of 

2 loans described in item (bb), bro3 ken down by— 

4 ‘‘(AA) loans of not 

5 more than $50,000; 

6 ‘‘(BB) loans of more 

7 than $50,000 and not more 

8 than $150,000; 

9 ‘‘(CC) loans of more 

10 than $150,000 and not more 

11 than $250,000; and 

12 ‘‘(DD) loans of more 

13 than $250,000 and not more 

14 than $350,000; 

15 ‘‘(dd) the number and dollar 

16 amounts of loans provided to 

17 small business concerns under 

18 the program and under the Com19 munity Advantage Pilot Program 

20 of the Administration by State, 

21 and the jobs created or retained 

22 within each State; 

23 ‘‘(ee) with respect to loans 

24 provided to small business con25 cerns under the program and 
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1 under the Community Advantage 

2 Pilot Program of the Administra3 tion— 

4 ‘‘(AA) the performance 

5 of the loans provided by 

6 each type of covered institu7 tion; 

8 ‘‘(BB) the performance 

9 of the loans broken down by 

10 loan size; 

11 ‘‘(CC) the performance 

12 of the loans broken down by 

13 whether the credit score of 

14 the borrower is above, below, 

15 or equal to 140; 

16 ‘‘(DD) the predictive 

17 purchase rate of the loans; 

18 ‘‘(EE) the early default 

19 rate of the loans; 

20 ‘‘(FF) the 12-month 

21 default rate of the loans; 

22 ‘‘(GG) the cumulative 

23 default rate for the loans for 

24 the 5-year period preceding 

25 the report; 
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1 ‘‘(HH) the charge-off 

2 rates of the loans; 

3 ‘‘(II) the charge-off 

4 rates as a percent of the un5 paid principal balance as in 

6 table 9 of the annual budget 

7 submitted by the Adminis8 tration; and 

9 ‘‘(JJ) the purchase 

10 rates as a percent of the un11 paid principal balance as in 

12 table 8 of the annual budget 

13 submitted by the Adminis14 tration; 

15 ‘‘(ff) a list of covered insti16 tutions participating in the pro17 gram and the Community Advan18 tage Pilot Program of the Ad19 ministration, including— 

20 ‘‘(AA) the name, loca21 tion, and contact informa22 tion, such as the website and 

23 telephone number, of each 

24 covered institution; and 
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1 ‘‘(BB) a breakdown by 

2 the number and dollar 

3 amount of the loans ap4 proved for small business 

5 concerns; and 

6 ‘‘(gg) the benchmarks estab7 lished by the working group 

8 under subparagraph (N)(i). 

9 ‘‘(III) TIMING.—An annual re10 port required under this clause 

11 shall— 

12 ‘‘(aa) be submitted and 

13 made publicly available not later 

14 than October 15 of each year; 

15 and 

16 ‘‘(bb) cover the lending ac17 tivity for the fiscal year that 

18 ended on September 30 of that 

19 same year. 

20 ‘‘(iii) GAO REPORT.—Not later than 

21 3 years after the date of enactment of this 

22 paragraph, the Comptroller General of the 

23 United States shall submit to the Adminis24 trator, the Committee on Small Business 

25 and Entrepreneurship of the Senate, and 
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1 the Committee on Small Business of the 

2 House of Representatives a report— 

3 ‘‘(I) assessing— 

4 ‘‘(aa) the extent to which 

5 the program fulfills the require6 ments of this paragraph; and 

7 ‘‘(bb) the performance of 

8 covered institutions participating 

9 in the program; and 

10 ‘‘(II) providing recommendations 

11 on the administration of the program 

12 and the findings under items (aa) and 

13 (bb) of subclause (I). 

14 ‘‘(N) WORKING GROUP.— 

15 ‘‘(i) IN GENERAL.—Not later than 90 

16 days after the date of enactment of this 

17 paragraph, the Administrator shall estab18 lish a Community Advantage Working 

19 Group, which shall— 

20 ‘‘(I) include— 

21 ‘‘(aa) a geographically di22 verse representation of members 

23 from among covered institutions 

24 participating in the program; and 
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1 ‘‘(bb) representatives from 

2 the Office of Capital Access of 

3 the Administration, including the 

4 Office of Credit Risk Manage5 ment, the Office of Financial As6 sistance, and the Office of Eco7 nomic Opportunity; 

8 ‘‘(II) develop recommendations 

9 on how the Administration can effec10 tively manage, support, and promote 

11 the program and the mission of the 

12 program; 

13 ‘‘(III) establish metrics of suc14 cess and benchmarks that reflect the 

15 mission and population served by cov16 ered institutions under the program, 

17 which the Administration shall use to 

18 evaluate the performance of those cov19 ered institutions; and 

20 ‘‘(IV) institute regular and sus21 tainable systems of communication be22 tween the Administration and covered 

23 institutions participating in the pro24 gram. 
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1 ‘‘(ii) REPORT.—Not later than 180 

2 days after the date of enactment of this 

3 paragraph, the Administrator shall submit 

4 to the Committee on Small Business and 

5 Entrepreneurship of the Senate and the 

6 Committee on Small Business of the 

7 House of Representatives a report that in8 cludes— 

9 ‘‘(I) the recommendations of the 

10 Community Advantage Working 

11 Group established under clause (i); 

12 and 

13 ‘‘(II) a recommended plan and 

14 timeline for implementation of those 

15 recommendations. 

16 ‘‘(O) TERMINATION.—The authority to 

17 carry out the program under this paragraph 

18 shall terminate on September 30, 2025.’’. 

Passed the House of Representatives December 3, 

2020. 

Attest: 

Clerk. 

116TH CONGRESS 

2D SESSION H. R. 7903 

AN ACT 

To amend the Small Business Act to establish the 

Community Advantage Loan Program.