I 

117TH CONGRESS 

1ST SESSION H. R. 1487 

To amend the Small Business Act to increase transparency, and for other 

purposes. 

IN THE HOUSE OF REPRESENTATIVES 

MARCH 2, 2021 

Mr. BURCHETT (for himself, Mr. KIM of New Jersey, Mr. FITZGERALD, and 

Ms. NEWMAN) introduced the following bill; which was referred to the 

Committee on Small Business 

A BILL 

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, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Microloan Trans5 parency and Accountability Act of 2021’’. 

6 SEC. 2. PORTFOLIO RISK ANALYSIS OF MICROLOANS. 

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

8 U.S.C. 636(m)(10)) is amended— 


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•HR 1487 IH

1 (1) by redesignating subparagraphs (A) through 

2 (F) as clauses (i) through (vi), respectively, and ad3 justing the margins accordingly; 

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

5 to read as follows: 

6 ‘‘(vi) the number, amount, and per7 centage of microloans made by inter8 mediaries to small business concerns— 

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

10 previous year; and 

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

12 previous year by such inter13 mediaries;’’; 

14 (3) in clause (vi), as so redesignated, by strik15 ing ‘‘and’’ at the end; 

16 (4) by redesignating subparagraph (G) as 

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

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

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

20 the following: 

21 ‘‘(A) IN GENERAL.—Beginning on Feb22 ruary 1, 2022, and annually thereafter, the Ad23 ministrator shall submit to the Committee on 

24 Small Business and Entrepreneurship of the 

25 Senate and the Committee on Small Business 


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1 of the House of Representatives, and make 

2 available to the public on the website of the Ad3 ministration, a report on the effectiveness of 

4 the microloan program during the fiscal year 

5 preceding the date of the report. Such report 

6 shall include—’’; 

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

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

9 ‘‘(vii) the number and type of enforce10 ment actions taken by the Administrator 

11 against noncompliant intermediaries; 

12 ‘‘(viii) an analysis of compliance by 

13 intermediaries with the credit availability 

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

15 in an amount greater than $20,000; 

16 ‘‘(ix) the extent to which microloans 

17 are provided to small business concerns in 

18 rural areas; 

19 ‘‘(x) the number of underserved bor20 rowers, as defined by the Administration, 

21 participating in the microloan program; 

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

23 each microloan; 

24 ‘‘(xii) the average amount of fees 

25 charged for each microloan; 


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•HR 1487 IH

1 ‘‘(xiii) the average size of each 

2 microloan, including— 

3 ‘‘(I) the number of loans made in 

4 an amount greater than $20,000; and 

5 ‘‘(II) the average size and 

6 charge-off rate of such loans; 

7 ‘‘(xiv) the subsidy cost to the Admin8 istration; 

9 ‘‘(xv) the number and percentage of 

10 microloans that were made to refinance 

11 other loans; 

12 ‘‘(xvi) the number and percentage of 

13 microloans made to new program partici14 pants and the number and percentage of 

15 microloans made to previous program par16 ticipants; 

17 ‘‘(xvii) the average amount of tech18 nical assistance grant monies spent on 

19 each loan; and’’; and 

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

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

22 under subparagraph (A) shall not contain any 

23 personally identifiable information of any bor24 rower.’’. 

Æ 


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