II 

111TH CONGRESS 

1ST SESSION S. 1615 

To amend the Small Business Act and the Small Business Investment Act 

of 1958 to stop the small business credit crunch, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

AUGUST 6, 2009 

Ms. SNOWE introduced the following bill; which was read twice and referred 

to the Committee on Small Business and Entrepreneurship 

A BILL 

To amend the Small Business Act and the Small Business 

Investment Act of 1958 to stop the small business credit 

crunch, and for other purposes. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Next Step for Main 

5 Street Credit Availability Act of 2009’’. 

6 SEC. 2. MAXIMUM AMOUNTS FOR 7(a) LOANS. 

7 Section 7(a)(3)(A) of the Small Business Act (15 

8 U.S.C. 636(a)(3)(A)) is amended by striking ‘‘$1,500,000 

9 (or if the gross loan amount would exceed $2,000,000’’ 


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•S 1615 IS

1 and inserting ‘‘$4,000,000 (or if the gross loan amount 

2 would exceed $5,000,000’’. 

3 SEC. 3. REFINANCING EXISTING 7(a) LOANS. 

4 (a) IN GENERAL.—Section 7(a) of the Small Busi5 ness Act (15 U.S.C. 636(a)) is amended by adding at the 

6 end the following: 

7 ‘‘(34) REFINANCING EXISTING LOANS.—A bor8 rower that has received a loan under this subsection 

9 may refinance the balance of the loan by applying 

10 for a loan from the lender that made the original 

11 loan or with another lender.’’. 

12 (b) TECHNICAL AMENDMENT.—Section 7(a) of the 

13 Small Business Act (15 U.S.C. 636(a)) is amended by 

14 striking ‘‘(32) INCREASED’’ and inserting ‘‘(33) IN15 CREASED’’. 

16 SEC. 4. MAXIMUM LOAN AMOUNTS UNDER 504 PROGRAM. 

17 Section 502(2)(A) of the Small Business Investment 

18 Act of 1958 (15 U.S.C. 696(2)(A)) is amended— 

19 (1) in clause (i), by striking ‘‘$1,500,000’’ and 

20 inserting ‘‘$4,000,000’’; 

21 (2) in clause (ii), by striking ‘‘$2,000,000’’ and 

22 inserting ‘‘$5,000,000’’; and 

23 (3) in clause (iii), by striking ‘‘$4,000,000’’ and 

24 inserting ‘‘$5,500,000’’. 


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•S 1615 IS

1 SEC. 5. MAXIMUM LOAN LIMITS UNDER MICROLOAN PRO2 GRAM. 

3 Section 7(m) of the Small Business Act (15 U.S.C. 

4 636(m)) is amended— 

5 (1) in paragraph (1)(B)(iii), by striking 

6 ‘‘$35,000’’ and inserting ‘‘$50,000’’; 

7 (2) in paragraph (3)(E), by striking ‘‘$35,000’’ 

8 each place it appears and inserting ‘‘$50,000’’; and 

9 (3) in paragraph (11)(B), by striking 

10 ‘‘$35,000’’ and inserting ‘‘$50,000’’. 

11 SEC. 6. ONLINE LENDING PLATFORM. 

12 It is the sense of the Congress that the Administrator 

13 of the Small Business Administration should establish a 

14 website that— 

15 (1) lists each lender that makes loans guaran16 teed by the Small Business Administration and pro17 vides information about the loan rate of each such 

18 lender; and 

19 (2) allows prospective borrowers— 

20 (A) to compare rates on loans guaranteed 

21 by the Small Business Administration; and 

22 (B) to apply online for loans guaranteed by 

23 the Small Business Administration. 

Æ 


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