II 

116TH CONGRESS 

1ST SESSION S. 2361 

To amend the Small Business Act to increase lending to underserved borrowers through the largest loan program of the Small Business Administration, and for other purposes. 

IN THE SENATE OF THE UNITED STATES 

JULY 31, 2019 

Mr. CARDIN 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 to increase lending to 

underserved borrowers through the largest loan program 

of the Small Business Administration, 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 ‘‘Closing the Credit Gap 

5 Act’’. 

6 SEC. 2. COMMUNITY ADVANTAGE LOAN PROGRAM. 

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

8 636(a)) is amended by adding at the end the following: 


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1 ‘‘(36) COMMUNITY ADVANTAGE LOAN PRO2 GRAM.— 

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

4 Community Advantage Loan Program are— 

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

6 guarantee program that builds on the dem7 onstrated success of the Community Ad8 vantage Pilot Program of the Administra9 tion, as established in 2011, to reach more 

10 underserved small business concerns; 

11 ‘‘(ii) to increase lending to small busi12 ness concerns in underserved and rural 

13 markets, including veterans and members 

14 of the military community, small business 

15 concerns owned and controlled by socially 

16 and economically disadvantaged individ17 uals, women, and startups; 

18 ‘‘(iii) to ensure that the program 

19 under this subsection (in this paragraph 

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

21 more inclusive and more broadly meets 

22 congressional intent to reach borrowers 

23 who are unable to get credit elsewhere on 

24 reasonable terms and conditions; 


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1 ‘‘(iv) to help underserved small busi2 ness concerns become bankable by utilizing 

3 the small-dollar financing and business 

4 support experience of mission-oriented 

5 lenders; 

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

7 lenders, primarily nonprofit financial inter8 mediaries focused on economic develop9 ment in underserved markets, access to 

10 guarantees for loans under this subsection 

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

12 loans’) of not more than $350,000 and 

13 provide management and technical assist14 ance to small business concerns as needed; 

15 ‘‘(vi) to provide certainty for the lend16 ing partners that make loans under this 

17 subsection and to attract new lenders; and 

18 ‘‘(vii) to encourage collaboration be19 tween mission-oriented and conventional 

20 lenders under this subsection in order to 

21 support underserved small business con22 cerns. 

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

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

25 means— 


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1 ‘‘(I) a development company, as 

2 defined in section 103 of the Small 

3 Business Investment Act of 1958 (15 

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

5 Loan Guaranty program established 

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

7 695 et seq.); 

8 ‘‘(II) a nonprofit intermediary, as 

9 defined in subsection (m)(11), partici10 pating in the microloan program 

11 under subsection (m); 

12 ‘‘(III) a non-Federally regulated 

13 entity certified as a community devel14 opment financial institution by the 

15 Community Development Financial 

16 Institutions Fund established under 

17 section 104(a) of the Riegle Commu18 nity Development and Regulatory Im19 provement Act of 1994 (12 U.S.C. 

20 4703(a)); and 

21 ‘‘(IV) an eligible intermediary, as 

22 defined in subsection (l)(1), partici23 pating in the Intermediary Lending 

24 Pilot Program established under sub25 section (l)(2); 


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

2 means a small business concern that has 

3 been in existence for not less than 2 years 

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

5 small business concern under the program; 

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

7 small business concern that has been exist8 ence for not more than 2 years on the date 

9 on which a loan is made to the small busi10 ness concern under the program; 

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

12 Community Advantage Loan Program es13 tablished under subparagraph (C); 

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

15 member of a reserve component of the 

16 Armed Forces named in section 10101 of 

17 title 10, United States Code; 

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

19 county that the Bureau of the Census has 

20 defined as mostly rural or completely rural 

21 in the most recent decennial census; 

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

23 the meaning given the term in section 

24 101(16) of title 38, United States Code; 


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1 ‘‘(viii) the term ‘small business con2 cern in an underserved market’ means a 

3 small business concern— 

4 ‘‘(I) that is located in— 

5 ‘‘(aa) a low- to moderate-in6 come community; 

7 ‘‘(bb) a HUBZone; 

8 ‘‘(cc) a community that has 

9 been designated as an empower10 ment zone or an enterprise com11 munity under section 1391 of the 

12 Internal Revenue Code of 1986; 

13 ‘‘(dd) a community that has 

14 been designated as a promise 

15 zone by the Secretary of Housing 

16 and Urban Development; 

17 ‘‘(ee) a community that has 

18 been designated as a qualified 

19 opportunity zone under section 

20 1400Z–1 of the Internal Revenue 

21 Code of 1986; or 

22 ‘‘(ff) a rural area; 

23 ‘‘(II) for which more than 50 

24 percent of the employees reside in a 

25 low- or moderate-income community; 


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1 ‘‘(III) that is a startup or new 

2 business; 

3 ‘‘(IV) owned and controlled by 

4 socially and economically disadvan5 taged individuals, including Black 

6 Americans, Hispanic Americans, Na7 tive Americans, Asian Pacific Ameri8 cans, and other minorities; 

9 ‘‘(V) owned and controlled by 

10 women; 

11 ‘‘(VI) owned and controlled by 

12 veterans; 

13 ‘‘(VII) owned and controlled by 

14 service-disabled veterans; 

15 ‘‘(VIII) not less than 51 percent 

16 owned and controlled by 1 or more— 

17 ‘‘(aa) members of the Armed 

18 Forces participating in the Tran19 sition Assistance Program of the 

20 Department of Defense; 

21 ‘‘(bb) Reservists; 

22 ‘‘(cc) spouses of veterans, 

23 members of the Armed Forces, or 

24 Reservists; or 


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1 ‘‘(dd) surviving spouses of 

2 veterans who died on active duty 

3 or as a result of a service-con4 nected disability; or 

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

6 veterans advantage loan; 

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

8 owned and controlled by socially and eco9 nomically disadvantaged individuals’ has 

10 the meaning given the term in section 

11 8(d)(3)(C); 

12 ‘‘(x) the term ‘startup’ means a busi13 ness that has not yet opened; and 

14 ‘‘(xi) the term ‘veterans advantage 

15 loan’ means a loan made to a small busi16 ness concern under this subsection that is 

17 eligible for a waiver of the guarantee fee 

18 under paragraph (18) or the yearly fee 

19 under paragraph (23) because the small 

20 business concern is a concern described in 

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

22 (viii). 

23 ‘‘(C) ESTABLISHMENT.—There is estab24 lished a Community Advantage Loan Program 

25 under which the Administration may guarantee 


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1 loans made by covered institutions under this 

2 subsection, including loans made to small busi3 ness concerns in underserved markets. 

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

5 years 2020, 2021, 2022, 2023, and 2024, not 

6 more than 10 percent of the number of loans 

7 guaranteed under this subsection may be guar8 anteed under the program. 

9 ‘‘(E) NEW LENDERS.— 

10 ‘‘(i) FISCAL YEARS 2020 AND 2021.—In 

11 each of fiscal years 2020 and 2021— 

12 ‘‘(I) not more than 150 covered 

13 institutions shall participate in the 

14 program; and 

15 ‘‘(II) the Administrator shall 

16 allow for new applicants and give pri17 ority to applications submitted by any 

18 covered institution that is located in 

19 an area with insufficient or no lending 

20 under the program. 

21 ‘‘(ii) FISCAL YEARS 2022, 2023, AND

22 2024.— 

23 ‘‘(I) IN GENERAL.—In each of 

24 fiscal years 2022, 2023, and 2024— 


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1 ‘‘(aa) except as provided in 

2 subclause (II), not more than 

3 175 covered institutions shall 

4 participate in the program; and 

5 ‘‘(bb) the Administrator 

6 shall allow for new applicants 

7 and give priority to applications 

8 submitted by any covered institu9 tion that is located in an area 

10 with insufficient or no lending 

11 under the program. 

12 ‘‘(II) EXCEPTION FOR FISCAL

13 YEAR 2024.—In fiscal year 2024, not 

14 more than 200 covered institutions 

15 may participate in the program if— 

16 ‘‘(aa) after reviewing the re17 port under subparagraph 

18 (M)(iii), the Administrator deter19 mines that not more than 200 

20 covered institutions may partici21 pate in the program; 

22 ‘‘(bb) the Administrator no23 tifies Congress in writing of the 

24 determination of the Adminis25 trator under item (aa); and 


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1 ‘‘(cc) not later than July 30, 

2 2023, the Administrator notifies 

3 the public of the determination of 

4 the Administrator under item 

5 (aa). 

6 ‘‘(F) GRANDFATHERING OF EXISTING

7 LENDERS.—Any covered institution that par8 ticipated in the Community Advantage Pilot 

9 Program of the Administration and is in good 

10 standing on the day before the date of enact11 ment of this paragraph— 

12 ‘‘(i) shall retain designation in the 

13 program; and 

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

15 an application to participate in the pro16 gram. 

17 ‘‘(G) REQUIREMENT TO MAKE LOANS TO

18 UNDERSERVED MARKETS.—Not less than 60 

19 percent of loans made by a covered institution 

20 under the program shall consist of loans made 

21 to small business concerns in underserved mar22 kets. 

23 ‘‘(H) MAXIMUM LOAN AMOUNT.— 

24 ‘‘(i) IN GENERAL.—Except as pro25 vided in clause (ii), the maximum loan 


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1 amount for a loan guaranteed under the 

2 program is $250,000. 

3 ‘‘(ii) EXCEPTION.— 

4 ‘‘(I) IN GENERAL.—The Admin5 istration may, in the discretion of the 

6 Administration, approve a guarantee 

7 of a loan under the program that is 

8 more than $250,000 and not more 

9 than $350,000. 

10 ‘‘(II) NOTIFICATION.—Not later 

11 than 2 days after receiving a request 

12 for an exception to the maximum loan 

13 amount established under clause (i), 

14 the Administration shall— 

15 ‘‘(aa) review the request; 

16 and 

17 ‘‘(bb) provide a decision re18 garding the request to the cov19 ered institution making the loan. 

20 ‘‘(I) INTEREST RATES.— 

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

23 interest rate prescribed by the Administra24 tion on any financing made on a deferred 

25 basis pursuant to the program shall not 


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1 exceed the maximum allowable interest 

2 rate in effect on September 1, 2018. 

3 ‘‘(ii) MODIFICATION.—The Adminis4 tration shall not modify the maximum al5 lowable interest rate described in clause (i) 

6 unless the Administration provides the 

7 public with an opportunity to comment for 

8 a period of not less than 180 days before 

9 implementing the modified interest rate. 

10 ‘‘(J) TRAINING AND TECHNICAL ASSIST11 ANCE.—The Administration— 

12 ‘‘(i) shall in person and online, pro13 vide upfront and ongoing training and 

14 technical assistance for covered institutions 

15 making loans under the program in order 

16 to support prudent lending standards and 

17 improve the interface between the covered 

18 institutions and the Administration; 

19 ‘‘(ii) shall ensure that the training 

20 and technical assistance described in clause 

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

22 and 

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

24 provide the training or technical assistance 

25 described in clause (i) with an organization 


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1 with expertise in lending under this sub2 section, mission-oriented lending, and lend3 ing to underserved markets. 

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

5 institution is not eligible to receive delegated 

6 authority from the Administration under the 

7 program until the covered institution makes not 

8 less than 7 loans under the program. 

9 ‘‘(L) REGULATIONS.— 

10 ‘‘(i) IN GENERAL.—Not later than 

11 180 days after the date of enactment of 

12 this paragraph and in accordance with the 

13 notice and comment procedures under sec14 tion 553 of title 5, United States Code, the 

15 Administrator shall promulgate regulations 

16 to carry out the program, which shall be 

17 substantially similar to the Community Ad18 vantage Pilot Program of the Administra19 tion, as in effect on September 1, 2018, 

20 and shall— 

21 ‘‘(I) outline the requirements for 

22 participation by covered institutions in 

23 the program; 

24 ‘‘(II) define performance metrics 

25 for covered institutions participating 


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1 in the program for the first time, 

2 which are required to be met in order 

3 to continue participating in the pro4 gram; 

5 ‘‘(III) determine the credit score 

6 of a small business concern under 

7 which the Administration is required 

8 to underwrite a loan provided to the 

9 small business concern under the pro10 gram and the loan may not be made 

11 using the delegated authority of a cov12 ered institution; 

13 ‘‘(IV) require each covered insti14 tution that sells loans made under the 

15 program on the secondary market to 

16 establish a loan loss reserve fund, 

17 which— 

18 ‘‘(aa) with respect to cov19 ered institutions in good stand20 ing, including the covered institu21 tions described in subparagraph 

22 (F), shall be maintained at a 

23 level equal to 3 percent of the 

24 outstanding guaranteed portion 

25 of the loans; and 


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1 ‘‘(bb) with respect to any 

2 other covered institution, shall be 

3 maintained at a level equal to 5 

4 percent of the outstanding guar5 anteed portion of the loans; and 

6 ‘‘(V) allow the Administrator to 

7 require additional amounts to be de8 posited into a loan loss reserve fund 

9 established by a covered institution 

10 under subclause (IV) based on the 

11 risk characteristics or performance of 

12 the covered institution and the loan 

13 portfolio of the covered institution. 

14 ‘‘(ii) PILOT PROGRAM.— 

15 ‘‘(I) REVERSION.—Beginning on 

16 the date of enactment of this para17 graph and ending on the day before 

18 the date on which the regulations pro19 mulgated by the Administrator under 

20 clause (i) take effect, the Adminis21 trator may only carry out the Commu22 nity Advantage Pilot Program of the 

23 Administration based on applicable 

24 program guidelines, requirements, and 

25 other policy in effect on September 1, 


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1 2018, except that the definition of un2 derserved market shall include— 

3 ‘‘(aa) a community and an 

4 area described in items (ee) and 

5 (ff), respectively, of subpara6 graph (B)(viii)(I); and 

7 ‘‘(bb) small business con8 cerns described in subclauses 

9 (IV) and (V) of subparagraph 

10 (B)(viii). 

11 ‘‘(II) TERMINATION.—Beginning 

12 on the date on which the regulations 

13 promulgated by the Administrator 

14 under clause (i) take effect, the Ad15 ministrator may not carry out the 

16 Community Advantage Pilot Program 

17 of the Administration. 

18 ‘‘(M) REPORTING.— 

19 ‘‘(i) WEEKLY REPORTS.— 

20 ‘‘(I) IN GENERAL.—The Admin21 istration shall report on the website of 

22 the Administration, as part of the 

23 weekly reports on lending approvals 

24 under this subsection— 


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1 ‘‘(aa) on and after the date 

2 of enactment of this paragraph 

3 until the date on which the regu4 lations promulgated under sub5 paragraph (L)(i) take effect, the 

6 number and dollar amount of 

7 loans guaranteed under the Com8 munity Advantage Pilot Program 

9 of the Administration; and 

10 ‘‘(bb) on and after the date 

11 on which the Administration be12 gins to approve loans under the 

13 program, the number and dollar 

14 amount of loans guaranteed 

15 under the program. 

16 ‘‘(II) SEPARATE ACCOUNTING.— 

17 The number and dollar amount of 

18 loans reported in a weekly report 

19 under subclause (I) for loans guaran20 teed under the Community Advantage 

21 Pilot Program of the Administration 

22 and under the program shall include a 

23 breakdown by the categories of race, 

24 ethnicity, and gender of the owners of 

25 the small business concerns. 


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1 ‘‘(ii) ANNUAL REPORTS.— 

2 ‘‘(I) IN GENERAL.—For each of 

3 the first 5 fiscal years in which the 

4 program is in effect, the Administra5 tion shall submit to the Committee on 

6 Small Business and Entrepreneurship 

7 of the Senate and the Committee on 

8 Small Business of the House of Rep9 resentatives, and make publicly avail10 able on the internet, information 

11 about loans provided under the pro12 gram and under the Community Ad13 vantage Pilot Program of the Admin14 istration. 

15 ‘‘(II) CONTENTS.—Each report 

16 submitted and made publicly available 

17 under subclause (I) shall include— 

18 ‘‘(aa) the number and dollar 

19 amounts of loans provided to 

20 small business concerns under 

21 the program and under the Com22 munity Advantage Pilot Program 

23 of the Administration, including 

24 a breakdown by— 


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1 ‘‘(AA) the gender of the 

2 owners of the small business 

3 concern; 

4 ‘‘(BB) the race and 

5 ethnicity of the owners of 

6 the small business concern; 

7 ‘‘(CC) whether the 

8 small business concern is lo9 cated in an urban or rural 

10 area; and 

11 ‘‘(DD) whether the 

12 small business concern is a 

13 startup, an existing busi14 ness, or a new business, as 

15 provided in the weekly re16 ports on lending approvals 

17 under this subsection; 

18 ‘‘(bb) the proportion of loans 

19 described in item (aa) compared 

20 to— 

21 ‘‘(AA) other 7(a) loans 

22 of any amount; 

23 ‘‘(BB) other 7(a) loans 

24 of similar amounts; 


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1 ‘‘(CC) express loans 

2 provided under paragraph 

3 (31) of similar amounts; and 

4 ‘‘(DD) other 7(a) loans 

5 of similar amounts provided 

6 to small business concerns 

7 in underserved markets; 

8 ‘‘(cc) a comparison of the 

9 number and dollar amounts of 

10 loans provided to small business 

11 concerns under the program, 

12 under the Community Advantage 

13 Pilot Program of the Administra14 tion, and under each category of 

15 loans described in item (bb), bro16 ken down by— 

17 ‘‘(AA) loans of not 

18 more than $50,000; 

19 ‘‘(BB) loans of more 

20 than $50,000 and not more 

21 than $150,000; 

22 ‘‘(CC) loans of more 

23 than $150,000 and not more 

24 than $250,000; and 


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1 ‘‘(DD) loans of more 

2 than $250,000 and not more 

3 than $350,000; 

4 ‘‘(dd) the number and dollar 

5 amounts of loans provided to 

6 small business concerns under 

7 the program and under the Com8 munity Advantage Pilot Program 

9 of the Administration by State, 

10 and the jobs created or retained 

11 within each State; 

12 ‘‘(ee) with respect to loans 

13 provided to small business con14 cerns under the program and 

15 under the Community Advantage 

16 Pilot Program of the Administra17 tion— 

18 ‘‘(AA) the performance 

19 of the loans provided by 

20 each type of covered institu21 tion; 

22 ‘‘(BB) the performance 

23 of the loans broken down by 

24 loan size; 


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1 ‘‘(CC) the predictive 

2 purchase rate of the loans; 

3 ‘‘(DD) the early default 

4 rate of the loans; 

5 ‘‘(EE) the 12-month 

6 default rate of the loans; 

7 ‘‘(FF) the cumulative 

8 default rate for the loans for 

9 the 5-year period preceding 

10 the report; 

11 ‘‘(GG) the charge-off 

12 rates of the loans; 

13 ‘‘(HH) the charge-off 

14 rates as a percent of the un15 paid principal balance as in 

16 table 9 of the annual budget 

17 submitted by the Adminis18 tration; and 

19 ‘‘(II) the purchase rates 

20 as a percent of the unpaid 

21 principal balance as in table 

22 8 of the annual budget sub23 mitted by the Administra24 tion; 


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1 ‘‘(ff) a list of covered insti2 tutions participating in the pro3 gram and the Community Advan4 tage Pilot Program of the Ad5 ministration, including— 

6 ‘‘(AA) the name, loca7 tion, and contact informa8 tion, such as the website and 

9 telephone number, of each 

10 covered institution; and 

11 ‘‘(BB) a breakdown by 

12 the number and dollar 

13 amount of the loans ap14 proved for small business 

15 concerns; and 

16 ‘‘(gg) the benchmarks estab17 lished by the Community Advan18 tage Working Group under sub19 paragraph (N)(i). 

20 ‘‘(III) TIMING.—An annual re21 port required under this clause 

22 shall— 

23 ‘‘(aa) be submitted and 

24 made publicly available not later 


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1 than November 15 of each year; 

2 and 

3 ‘‘(bb) cover the lending ac4 tivity for the fiscal year that 

5 ended on September 30 of that 

6 same year. 

7 ‘‘(iii) GAO REPORT.—Not later than 

8 3 years after the date of enactment of this 

9 paragraph, the Comptroller General of the 

10 United States shall submit to the Adminis11 trator, the Committee on Small Business 

12 and Entrepreneurship of the Senate, and 

13 the Committee on Small Business of the 

14 House of Representatives a report— 

15 ‘‘(I) assessing— 

16 ‘‘(aa) the extent to which 

17 the program fulfills the require18 ments of this paragraph; and 

19 ‘‘(bb) the performance of 

20 covered institutions participating 

21 in the program; and 

22 ‘‘(II) providing recommendations 

23 on the administration of the program 

24 and the findings under items (aa) and 

25 (bb) of subclause (I). 


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1 ‘‘(N) WORKING GROUP.— 

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

3 days after the date of enactment of this 

4 paragraph, the Administrator shall estab5 lish a Community Advantage Working 

6 Group, which shall— 

7 ‘‘(I) include— 

8 ‘‘(aa) a geographically di9 verse representation of members 

10 from among covered institutions 

11 participating in the program; and 

12 ‘‘(bb) representatives from 

13 the Office of Capital Access of 

14 the Administration, including the 

15 Office of Credit Risk Manage16 ment, the Office of Financial As17 sistance, and the Office of Eco18 nomic Opportunity; 

19 ‘‘(II) develop recommendations 

20 on how the Administration can effec21 tively manage, support, and promote 

22 the program and the mission of the 

23 program; 

24 ‘‘(III) establish metrics of suc25 cess and benchmarks that reflect the 


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1 mission and population served by cov2 ered institutions under the program, 

3 which the Administration shall use to 

4 evaluate the performance of those cov5 ered institutions; and 

6 ‘‘(IV) institute regular and sus7 tainable systems of communication be8 tween the Administration and covered 

9 institutions participating in the pro10 gram. 

11 ‘‘(ii) REPORT.—Not later than 180 

12 days after the date of enactment of this 

13 paragraph, the Administrator shall submit 

14 to the Committee on Small Business and 

15 Entrepreneurship of the Senate and the 

16 Committee on Small Business of the 

17 House of Representatives a report that in18 cludes— 

19 ‘‘(I) the recommendations of the 

20 Community Advantage Working 

21 Group established under clause (i); 

22 and 


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1 ‘‘(II) a recommended plan and 

2 timeline for implementation of those 

3 recommendations.’’. 

Æ 


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