IIB 

117TH CONGRESS 

1ST SESSION H. R. 1487 

IN THE SENATE OF THE UNITED STATES 

APRIL 19, 2021 

Received; read twice and referred to the Committee on Small Business and 

Entrepreneurship 

AN ACT 

To amend the Small Business Act to increase transparency, 

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, 


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1 SECTION 1. SHORT TITLE. 

2 This Act may be cited as the ‘‘Microloan Trans3 parency and Accountability Act of 2021’’. 

4 SEC. 2. PORTFOLIO RISK ANALYSIS OF MICROLOANS. 

5 Section 7(m)(10) of the Small Business Act (15 

6 U.S.C. 636(m)(10)) is amended— 

7 (1) by redesignating subparagraphs (A) through 

8 (F) as clauses (i) through (vi), respectively, and ad9 justing the margins accordingly; 

10 (2) by amending clause (iv), as so redesignated, 

11 to read as follows: 

12 ‘‘(vi) the number, amount, and per13 centage of microloans made by inter14 mediaries to small business concerns— 

15 ‘‘(I) that went into default in the 

16 previous year; and 

17 ‘‘(II) that were charged off in the 

18 previous year by such inter19 mediaries;’’; 

20 (3) in clause (vi), as so redesignated, by strik21 ing ‘‘and’’ at the end; 

22 (4) by redesignating subparagraph (G) as 

23 clause (xviii), and adjusting the margin accordingly; 

24 (5) by striking ‘‘On November 1, 1995,’’ and all 

25 that follows through ‘‘the following:’’ and inserting 

26 the following: 


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1 ‘‘(A) IN GENERAL.—Beginning on Feb2 ruary 1, 2022, and annually thereafter, the Ad3 ministrator shall submit to the Committee on 

4 Small Business and Entrepreneurship of the 

5 Senate and the Committee on Small Business 

6 of the House of Representatives, and make 

7 available to the public on the website of the Ad8 ministration, a report on the effectiveness of 

9 the microloan program during the fiscal year 

10 preceding the date of the report. Such report 

11 shall include—’’; 

12 (6) in subparagraph (A), as so designated, by 

13 inserting after clause (vi) the following new clauses: 

14 ‘‘(vii) the number and type of enforce15 ment actions taken by the Administrator 

16 against noncompliant intermediaries; 

17 ‘‘(viii) an analysis of compliance by 

18 intermediaries with the credit availability 

19 requirements of paragraph (3)(E) for loans 

20 in an amount greater than $20,000; 

21 ‘‘(ix) the extent to which microloans 

22 are provided to small business concerns in 

23 rural areas; 


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1 ‘‘(x) the number of underserved bor2 rowers, as defined by the Administration, 

3 participating in the microloan program; 

4 ‘‘(xi) the average rate of interest for 

5 each microloan; 

6 ‘‘(xii) the average amount of fees 

7 charged for each microloan; 

8 ‘‘(xiii) the average size of each 

9 microloan, including— 

10 ‘‘(I) the number of loans made in 

11 an amount greater than $20,000; and 

12 ‘‘(II) the average size and 

13 charge-off rate of such loans; 

14 ‘‘(xiv) the subsidy cost to the Admin15 istration; 

16 ‘‘(xv) the number and percentage of 

17 microloans that were made to refinance 

18 other loans; 

19 ‘‘(xvi) the number and percentage of 

20 microloans made to new program partici21 pants and the number and percentage of 

22 microloans made to previous program par23 ticipants; 


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1 ‘‘(xvii) the average amount of tech2 nical assistance grant monies spent on 

3 each loan; and’’; and 

4 (7) by adding at the end the following: 

5 ‘‘(B) PRIVACY.—Each report submitted 

6 under subparagraph (A) shall not contain any 

7 personally identifiable information of any bor8 rower.’’. 

Passed the House of Representatives April 15, 2021. 

Attest: CHERYL L. JOHNSON, 

Clerk. 


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