I 

116TH CONGRESS 

2D SESSION H. R. 7903 

To amend the Small Business Act to establish the Community Advantage 

Loan Program. 

IN THE HOUSE OF REPRESENTATIVES 

JULY 31, 2020 

Ms. JUDY CHU of California (for herself and Mr. SPANO) introduced the 

following bill; which was referred to the Committee on Small Business 

A BILL 

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, 

3 SECTION 1. COMMUNITY ADVANTAGE LOAN PROGRAM. 

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

5 636(a)) is amended by adding at the end the following: 

6 ‘‘(37) COMMUNITY ADVANTAGE LOAN PRO7 GRAM.— 

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

9 Community Advantage Loan Program are— 


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

2 guarantee program that builds on the dem3 onstrated success of the Community Ad4 vantage Pilot Program of the Administra5 tion, as established in 2011, to reach more 

6 underserved small business concerns; 

7 ‘‘(ii) to increase lending to small busi8 ness concerns in underserved and rural 

9 markets, including veterans and members 

10 of the military community, small business 

11 concerns owned and controlled by socially 

12 and economically disadvantaged individ13 uals, women, and startups; 

14 ‘‘(iii) to ensure that the program 

15 under this subsection (in this paragraph 

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

17 more inclusive and more broadly meets 

18 congressional intent to reach borrowers 

19 who are unable to get credit elsewhere on 

20 reasonable terms and conditions; 

21 ‘‘(iv) to help underserved small busi22 ness concerns become bankable by utilizing 

23 the small-dollar financing and business 

24 support experience of mission-oriented 

25 lenders; 


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

2 lenders, primarily nonprofit financial inter3 mediaries focused on economic develop4 ment in underserved markets, to access 

5 guarantees for loans under this subsection 

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

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

8 provide management and technical assist9 ance to small business concerns as needed; 

10 ‘‘(vi) to provide certainty for the lend11 ing partners that make loans under this 

12 subsection and to attract new lenders; and 

13 ‘‘(vii) to encourage collaboration be14 tween mission-oriented and conventional 

15 lenders under this subsection in order to 

16 support underserved small business con17 cerns. 

18 ‘‘(B) DEFINITIONS.—In this paragraph— 

19 ‘‘(i) the term ‘covered institution’ 

20 means— 

21 ‘‘(I) a development company, as 

22 defined in section 103 of the Small 

23 Business Investment Act of 1958 (15 

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

25 Loan Guaranty program established 


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

2 695 et seq.); 

3 ‘‘(II) a nonprofit intermediary, as 

4 defined in subsection (m)(12), partici5 pating in the microloan program 

6 under subsection (m); 

7 ‘‘(III) a non-Federally regulated 

8 entity certified as a community devel9 opment financial institution by the 

10 Community Development Financial 

11 Institutions Fund established under 

12 section 104(a) of the Riegle Commu13 nity Development and Regulatory Im14 provement Act of 1994 (12 U.S.C. 

15 4703(a)); and 

16 ‘‘(IV) an eligible intermediary, as 

17 defined in subsection (l)(1), as in ef18 fect on the day before the date of en19 actment of this paragraph, that par20 ticipated in the Intermediary Lending 

21 Pilot Program established under sub22 section (l)(2); 

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

24 means a small business concern that has 

25 been in existence for not less than 2 years 


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

2 small business concern under the program; 

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

4 small business concern that has been exist5 ence for not more than 2 years on the date 

6 on which a loan is made to the small busi7 ness concern under the program; 

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

9 Community Advantage Loan Program es10 tablished under subparagraph (C); 

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

12 member of a reserve component of the 

13 Armed Forces named in section 10101 of 

14 title 10, United States Code; 

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

16 county that the Bureau of the Census has 

17 defined as mostly rural or completely rural 

18 in the most recent decennial census; 

19 ‘‘(vii) the term ‘service-connected’ has 

20 the meaning given the term in section 

21 101(16) of title 38, United States Code; 

22 ‘‘(viii) the term ‘small business con23 cern in an underserved market’ means a 

24 small business concern— 

25 ‘‘(I) that is located in— 


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1 ‘‘(aa) a low- to moderate-in2 come community; 

3 ‘‘(bb) a HUBZone; 

4 ‘‘(cc) a community that has 

5 been designated as an empower6 ment zone or an enterprise com7 munity under section 1391 of the 

8 Internal Revenue Code of 1986; 

9 ‘‘(dd) a community that has 

10 been designated as a promise 

11 zone by the Secretary of Housing 

12 and Urban Development; 

13 ‘‘(ee) a community that has 

14 been designated as a qualified 

15 opportunity zone under section 

16 1400Z–1 of the Internal Revenue 

17 Code of 1986; or 

18 ‘‘(ff) a rural area; 

19 ‘‘(II) for which more than 50 

20 percent of the employees reside in a 

21 low- or moderate-income community; 

22 ‘‘(III) that is a startup or new 

23 business; 

24 ‘‘(IV) owned and controlled by 

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1 taged individuals, including Black 

2 Americans, Hispanic Americans, Na3 tive Americans, Asian Pacific Ameri4 cans, and other minorities; 

5 ‘‘(V) owned and controlled by 

6 women; 

7 ‘‘(VI) owned and controlled by 

8 veterans; 

9 ‘‘(VII) owned and controlled by 

10 service-disabled veterans; 

11 ‘‘(VIII) not less than 51 percent 

12 owned and controlled by one or 

13 more— 

14 ‘‘(aa) members of the Armed 

15 Forces participating in the Tran16 sition Assistance Program of the 

17 Department of Defense; 

18 ‘‘(bb) Reservists; 

19 ‘‘(cc) spouses of veterans, 

20 members of the Armed Forces, or 

21 Reservists; or 

22 ‘‘(dd) surviving spouses of 

23 veterans who died on active duty 

24 or as a result of a service-con25 nected disability; or 


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

2 veterans advantage loan; 

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

4 owned and controlled by socially and eco5 nomically disadvantaged individuals’ has 

6 the meaning given the term in section 

7 8(d)(3)(C); 

8 ‘‘(x) the term ‘startup’ means a busi9 ness that has not yet opened; and 

10 ‘‘(xi) the term ‘veterans advantage 

11 loan’ means a loan made to a small busi12 ness concern under this subsection that is 

13 eligible for a waiver of the guarantee fee 

14 under paragraph (18) or the yearly fee 

15 under paragraph (23) because the small 

16 business concern is a concern described in 

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

18 (viii). 

19 ‘‘(C) ESTABLISHMENT.—There is estab20 lished a Community Advantage Loan Program 

21 under which the Administration may guarantee 

22 loans made by covered institutions under this 

23 subsection, including loans made to small busi24 ness concerns in underserved markets. 


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

2 years 2021 through 2025, not more than 10 

3 percent of the number of loans guaranteed 

4 under this subsection may be guaranteed under 

5 the program. 

6 ‘‘(E) NEW LENDERS.— 

7 ‘‘(i) FISCAL YEARS 2021 AND 2022.—In 

8 each of fiscal years 2021 and 2022— 

9 ‘‘(I) not more than 150 covered 

10 institutions shall participate in the 

11 program; and 

12 ‘‘(II) the Administrator shall 

13 allow for new applicants and give pri14 ority to applications submitted by any 

15 covered institution that is located in 

16 an area with insufficient lending 

17 under the program. 

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

19 2025.— 

20 ‘‘(I) IN GENERAL.—In each of 

21 fiscal years 2023, 2024, and 2025— 

22 ‘‘(aa) except as provided in 

23 subclause (II), not more than 

24 175 covered institutions shall 

25 participate in the program; and 


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1 ‘‘(bb) the Administrator 

2 shall allow for new applicants 

3 and give priority to applications 

4 submitted by any covered institu5 tion that is located in an area 

6 with insufficient lending under 

7 the program. 

8 ‘‘(II) EXCEPTION FOR FISCAL

9 YEAR 2025.—In fiscal year 2025, not 

10 more than 200 covered institutions 

11 may participate in the program if— 

12 ‘‘(aa) after reviewing the re13 port under subparagraph (M)(iii), 

14 the Administrator determines 

15 that not more than 200 covered 

16 institutions may participate in 

17 the program; 

18 ‘‘(bb) the Administrator no19 tifies Congress in writing of the 

20 determination of the Adminis21 trator under item (aa); and 

22 ‘‘(cc) not later than July 30, 

23 2024, the Administrator notifies 

24 the public of the determination of 


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1 the Administrator under item 

2 (aa). 

3 ‘‘(F) GRANDFATHERING OF EXISTING

4 LENDERS.—Any covered institution that par5 ticipated in the Community Advantage Pilot 

6 Program of the Administration and is in good 

7 standing on the day before the date of enact8 ment of this paragraph— 

9 ‘‘(i) shall retain designation in the 

10 program; and 

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

12 an application to participate in the pro13 gram. 

14 ‘‘(G) REQUIREMENT TO MAKE LOANS TO

15 UNDERSERVED MARKETS.—Not less than 60 

16 percent of loans made by a covered institution 

17 under the program shall consist of loans made 

18 to small business concerns in underserved mar19 kets. 

20 ‘‘(H) MAXIMUM LOAN AMOUNT.— 

21 ‘‘(i) IN GENERAL.—Except as pro22 vided in clause (ii), the maximum loan 

23 amount for a loan guaranteed under the 

24 program is $250,000. 

25 ‘‘(ii) EXCEPTION.— 


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1 ‘‘(I) IN GENERAL.—The Admin2 istration may, in the discretion of the 

3 Administration, approve a guarantee 

4 of a loan under the program that is 

5 more than $250,000 and not more 

6 than $350,000. 

7 ‘‘(II) NOTIFICATION.—Not later 

8 than 2 days after approving the guar9 antee of a loan under subclause (I), 

10 the Administration shall provide noti11 fication of the approval to the covered 

12 institution making the loan. 

13 ‘‘(I) INTEREST RATES.— 

14 ‘‘(i) IN GENERAL.—Except as pro15 vided in clause (ii), the maximum allowable 

16 interest rate prescribed by the Administra17 tion on any financing made on a deferred 

18 basis pursuant to the program shall not 

19 exceed the maximum allowable interest 

20 rate in effect on September 1, 2018. 

21 ‘‘(ii) MODIFICATION.—The Adminis22 tration shall not modify the maximum al23 lowable interest rate described in clause (i) 

24 unless the Administration provides the 

25 public with an opportunity to comment for 


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1 a period of not less than 180 days before 

2 implementing the modified interest rate. 

3 ‘‘(J) TRAINING AND TECHNICAL ASSIST4 ANCE.—The Administration— 

5 ‘‘(i) shall in person and online, pro6 vide upfront and ongoing training and 

7 technical assistance for covered institutions 

8 making loans under the program in order 

9 to support prudent lending standards and 

10 improve the interface between the covered 

11 institutions and the Administration; 

12 ‘‘(ii) shall ensure that the training 

13 and technical assistance described in clause 

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

15 and 

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

17 provide the training or technical assistance 

18 described in clause (i) with an organization 

19 with expertise in lending under this sub20 section, mission-oriented lending, and lend21 ing to underserved markets. 

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

23 institution is not eligible to receive delegated 

24 authority from the Administration under the 


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1 program until the covered institution makes not 

2 less than 7 loans under the program. 

3 ‘‘(L) REGULATIONS.— 

4 ‘‘(i) IN GENERAL.—Not later than 

5 180 days after the date of enactment of 

6 this paragraph and in accordance with the 

7 notice and comment procedures under sec8 tion 553 of title 5, United States Code, the 

9 Administrator shall promulgate regulations 

10 to carry out the program, which shall— 

11 ‘‘(I) outline the requirements for 

12 participation by covered institutions in 

13 the program; 

14 ‘‘(II) define performance metrics 

15 for covered institutions participating 

16 in the program for the first time, 

17 which are required to be met in order 

18 to continue participating in the pro19 gram; 

20 ‘‘(III) determine the credit score 

21 of a small business concern under 

22 which the Administration is required 

23 to underwrite a loan provided to the 

24 small business concern under the pro25 gram and the loan may not be made 


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1 using the delegated authority of a cov2 ered institution; 

3 ‘‘(IV) require each covered insti4 tution that sells loans made under the 

5 program on the secondary market to 

6 establish a loan loss reserve fund, 

7 which— 

8 ‘‘(aa) with respect to cov9 ered institutions in good stand10 ing, including the covered institu11 tions described in subparagraph 

12 (F), shall be maintained at a 

13 level equal to 3 percent of the 

14 outstanding guaranteed portion 

15 of the loans; and 

16 ‘‘(bb) with respect to any 

17 other covered institution, shall be 

18 maintained at a level equal to 5 

19 percent of the outstanding guar20 anteed portion of the loans; and 

21 ‘‘(V) allow the Administrator to 

22 require additional amounts to be de23 posited into a loan loss reserve fund 

24 established by a covered institution 

25 under subclause (IV) based on the 


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1 risk characteristics or performance of 

2 the covered institution and the loan 

3 portfolio of the covered institution. 

4 ‘‘(ii) PILOT PROGRAM.— 

5 ‘‘(I) REVERSION.—Beginning on 

6 the date of enactment of this para7 graph and ending on the day before 

8 the date on which the regulations pro9 mulgated by the Administrator under 

10 clause (i) take effect, the Adminis11 trator may only carry out the Commu12 nity Advantage Pilot Program of the 

13 Administration based on applicable 

14 program guidelines, requirements, and 

15 other policy in effect on September 1, 

16 2018, except that the definition of un17 derserved market shall include— 

18 ‘‘(aa) a community and an 

19 area described in items (ee) and 

20 (ff), respectively, of subpara21 graph (B)(viii)(I); and 

22 ‘‘(bb) small business con23 cerns described in clauses (IV) 

24 and (V) of subparagraph 

25 (B)(viii). 


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1 ‘‘(II) TERMINATION.—Beginning 

2 on the date on which the regulations 

3 promulgated by the Administrator 

4 under clause (i) take effect, the Ad5 ministrator may not carry out the 

6 Community Advantage Pilot Program 

7 of the Administration. 

8 ‘‘(M) REPORTING.— 

9 ‘‘(i) WEEKLY REPORTS.— 

10 ‘‘(I) IN GENERAL.—The Admin11 istration shall report on the website of 

12 the Administration, as part of the 

13 weekly reports on lending approvals 

14 under this subsection— 

15 ‘‘(aa) on and after the date 

16 of enactment of this paragraph 

17 until the date on which the regu18 lations promulgated under sub19 paragraph (L)(i) take effect, the 

20 number and dollar amount of 

21 loans guaranteed under the Com22 munity Advantage Pilot Program 

23 of the Administration; and 

24 ‘‘(bb) on and after the date 

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1 gins to approve loans under the 

2 program, the number and dollar 

3 amount of loans guaranteed 

4 under the program. 

5 ‘‘(II) SEPARATE ACCOUNTING.— 

6 The number and dollar amount of 

7 loans reported in a weekly report 

8 under subclause (I) for loans guaran9 teed under the Community Advantage 

10 Pilot Program of the Administration 

11 and under the program shall include a 

12 breakdown by the categories of race, 

13 ethnicity, and gender of the owners of 

14 the small business concerns. 

15 ‘‘(ii) ANNUAL REPORTS.— 

16 ‘‘(I) IN GENERAL.—For each of 

17 the first 5 fiscal years in which the 

18 program is in effect, the Administra19 tion shall submit to the Committee on 

20 Small Business and Entrepreneurship 

21 of the Senate and the Committee on 

22 Small Business of the House of Rep23 resentatives, and make publicly avail24 able on the internet, information 

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1 gram and under the Community Ad2 vantage Pilot Program of the Admin3 istration. 

4 ‘‘(II) CONTENTS.—Each report 

5 submitted and made publicly available 

6 under subclause (I) shall include— 

7 ‘‘(aa) the number and dollar 

8 amounts of loans provided to 

9 small business concerns under 

10 the program and under the Com11 munity Advantage Pilot Program 

12 of the Administration, including 

13 a breakdown by— 

14 ‘‘(AA) the gender of the 

15 owners of the small business 

16 concern; 

17 ‘‘(BB) the race and 

18 ethnicity of the owners of 

19 the small business concern, 

20 disaggregated in a manner 

21 that captures all the racial 

22 groups specified in the 

23 American Community Sur24 vey conducted by the Bu25 reau of the Census; 


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1 ‘‘(CC) whether the 

2 small business concern is lo3 cated in an urban or rural 

4 area; and 

5 ‘‘(DD) whether the 

6 small business concern is a 

7 startup, an existing busi8 ness, or a new business, as 

9 provided in the weekly re10 ports on lending approvals 

11 under this subsection; 

12 ‘‘(bb) the proportion of loans 

13 described in item (aa) compared 

14 to— 

15 ‘‘(AA) other 7(a) loans 

16 of any amount; 

17 ‘‘(BB) other 7(a) loans 

18 of similar amounts; 

19 ‘‘(CC) express loans 

20 provided under paragraph 

21 (31) of similar amounts; and 

22 ‘‘(DD) other 7(a) loans 

23 of similar amounts provided 

24 to small business concerns 

25 in underserved markets; 


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1 ‘‘(cc) a comparison of the 

2 number and dollar amounts of 

3 loans provided to small business 

4 concerns under the program, 

5 under the Community Advantage 

6 Pilot Program of the Administra7 tion, and under each category of 

8 loans described in item (bb), bro9 ken down by— 

10 ‘‘(AA) loans of not 

11 more than $50,000; 

12 ‘‘(BB) loans of more 

13 than $50,000 and not more 

14 than $150,000; 

15 ‘‘(CC) loans of more 

16 than $150,000 and not more 

17 than $250,000; and 

18 ‘‘(DD) loans of more 

19 than $250,000 and not more 

20 than $350,000; 

21 ‘‘(dd) the number and dollar 

22 amounts of loans provided to 

23 small business concerns under 

24 the program and under the Com25 munity Advantage Pilot Program 


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1 of the Administration by State, 

2 and the jobs created or retained 

3 within each State; 

4 ‘‘(ee) with respect to loans 

5 provided to small business con6 cerns under the program and 

7 under the Community Advantage 

8 Pilot Program of the Administra9 tion— 

10 ‘‘(AA) the performance 

11 of the loans provided by 

12 each type of covered institu13 tion; 

14 ‘‘(BB) the performance 

15 of the loans broken down by 

16 loan size; 

17 ‘‘(CC) the predictive 

18 purchase rate of the loans; 

19 ‘‘(DD) the early default 

20 rate of the loans; 

21 ‘‘(EE) the 12-month 

22 default rate of the loans; 

23 ‘‘(FF) the cumulative 

24 default rate for the loans for 


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1 the 5-year period preceding 

2 the report; 

3 ‘‘(GG) the charge-off 

4 rates of the loans; 

5 ‘‘(HH) the charge-off 

6 rates as a percent of the un7 paid principal balance as in 

8 table 9 of the annual budget 

9 submitted by the Adminis10 tration; and 

11 ‘‘(II) the purchase rates 

12 as a percent of the unpaid 

13 principal balance as in table 

14 8 of the annual budget sub15 mitted by the Administra16 tion; 

17 ‘‘(ff) a list of covered insti18 tutions participating in the pro19 gram and the Community Advan20 tage Pilot Program of the Ad21 ministration, including— 

22 ‘‘(AA) the name, loca23 tion, and contact informa24 tion, such as the website and 


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1 telephone number, of each 

2 covered institution; and 

3 ‘‘(BB) a breakdown by 

4 the number and dollar 

5 amount of the loans ap6 proved for small business 

7 concerns; and 

8 ‘‘(gg) the benchmarks estab9 lished by the working group 

10 under subparagraph (N)(i). 

11 ‘‘(III) TIMING.—An annual re12 port required under this clause 

13 shall— 

14 ‘‘(aa) be submitted and 

15 made publicly available not later 

16 than October 15 of each year; 

17 and 

18 ‘‘(bb) cover the lending ac19 tivity for the fiscal year that 

20 ended on September 30 of that 

21 same year. 

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

23 3 years after the date of enactment of this 

24 paragraph, the Comptroller General of the 

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1 trator, the Committee on Small Business 

2 and Entrepreneurship of the Senate, and 

3 the Committee on Small Business of the 

4 House of Representatives a report— 

5 ‘‘(I) assessing— 

6 ‘‘(aa) the extent to which 

7 the program fulfills the require8 ments of this paragraph; and 

9 ‘‘(bb) the performance of 

10 covered institutions participating 

11 in the program; and 

12 ‘‘(II) providing recommendations 

13 on the administration of the program 

14 and the findings under items (aa) and 

15 (bb) of subclause (I). 

16 ‘‘(N) WORKING GROUP.— 

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

18 days after the date of enactment of this 

19 paragraph, the Administrator shall estab20 lish a Community Advantage Working 

21 Group, which shall— 

22 ‘‘(I) include— 

23 ‘‘(aa) a geographically di24 verse representation of members 


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1 from among covered institutions 

2 participating in the program; and 

3 ‘‘(bb) representatives from 

4 the Office of Capital Access of 

5 the Administration, including the 

6 Office of Credit Risk Manage7 ment, the Office of Financial As8 sistance, and the Office of Eco9 nomic Opportunity; 

10 ‘‘(II) develop recommendations 

11 on how the Administration can effec12 tively manage, support, and promote 

13 the program and the mission of the 

14 program; 

15 ‘‘(III) establish metrics of suc16 cess and benchmarks that reflect the 

17 mission and population served by cov18 ered institutions under the program, 

19 which the Administration shall use to 

20 evaluate the performance of those cov21 ered institutions; and 

22 ‘‘(IV) institute regular and sus23 tainable systems of communication be24 tween the Administration and covered 


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1 institutions participating in the pro2 gram. 

3 ‘‘(ii) REPORT.—Not later than 180 

4 days after the date of enactment of this 

5 paragraph, the Administrator shall submit 

6 to the Committee on Small Business and 

7 Entrepreneurship of the Senate and the 

8 Committee on Small Business of the 

9 House of Representatives a report that in10 cludes— 

11 ‘‘(I) the recommendations of the 

12 Community Advantage Working 

13 Group established under clause (i); 

14 and 

15 ‘‘(II) a recommended plan and 

16 timeline for implementation of those 

17 recommendations. 

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

19 carry out the program under this paragraph 

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

Æ 


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