I 
118TH CONGRESS 
2D SESSION 
H. R. 7560 
To amend the Small Business Act to codify the Community Advantage Loan 
Program, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
MARCH 6, 2024 
Ms. CHU (for herself and Ms. VELA´ZQUEZ) introduced the following bill; which 
was referred to the Committee on Small Business 
A BILL 
To amend the Small Business Act to codify the Community 
Advantage Loan Program, and for other purposes. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Community Advantage 
Loan Program Act of 2024’’. 
SEC. 2. COMMUNITY ADVANTAGE LOAN PROGRAM. 
(a) ESTABLISHMENT
OF COMMUNITY ADVANTAGE 
LOAN PROGRAM.—Section 7(a) of the Small Business Act 
(15 U.S.C. 636(a)) is amended by adding at the end the 
following: 
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‘‘(38) COMMUNITY
ADVANTAGE
LOAN
PRO-
GRAM.— 
‘‘(A) PURPOSES.—The purposes of the 
Community Advantage Loan Program are— 
‘‘(i) to create a mission-oriented loan 
guarantee program; 
‘‘(ii) to increase lending to small busi-
ness concerns in underserved and rural 
markets, including to new businesses; 
‘‘(iii) to ensure that the program 
under this subsection expands inclusion 
and more broadly meets congressional in-
tent to reach borrowers who are unable to 
get credit elsewhere on reasonable terms 
and conditions; 
‘‘(iv) to help underserved small busi-
ness concerns become bankable by utilizing 
the small dollar financing and business 
support experience of mission-oriented 
lenders; 
‘‘(v) to allow certain mission-oriented 
lenders, primarily financial intermediaries 
focused on economic development in under-
served markets, access to guarantees for 
loans under this subsection and provide 
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management and technical assistance to 
small business concerns as needed; and 
‘‘(vi) to assist covered institutions 
with providing business support services 
and technical assistance to small business 
concerns, when needed. 
‘‘(B) DEFINITIONS.—In this paragraph: 
‘‘(i) COMMUNITY
ADVANTAGE
NET-
WORK
PARTNER.—The term ‘Community 
Advantage Network Partner’— 
‘‘(I) means a nonprofit, mission- 
oriented organization that acts as a 
Referral Agent to covered institutions 
in order to expand the reach of the 
program to small business concerns in 
underserved markets; and 
‘‘(II) does not include a covered 
institution making loans under the 
program. 
‘‘(ii) COVERED
INSTITUTION.—The 
term ‘covered institution’ means an entity 
that— 
‘‘(I) is— 
‘‘(aa) a development com-
pany, as defined in section 103 of 
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the Small Business Investment 
Act of 1958 (15 U.S.C. 662), 
participating in the program es-
tablished under title V of such 
Act (15 U.S.C. 695 et seq.); 
‘‘(bb) 
a 
nonprofit 
inter-
mediary, as defined in subsection 
(m)(11), participating in the 
microloan program under sub-
section (m); 
‘‘(cc) a non-Federally regu-
lated entity certified as a commu-
nity development financial insti-
tution by the Community Devel-
opment 
Financial 
Institutions 
Fund established under section 
104(a) of the Community Devel-
opment Banking and Financial 
Institutions Act of 1994 (12 
U.S.C. 4703(a)); or 
‘‘(dd) 
an 
eligible 
inter-
mediary, as defined in subsection 
(l)(1), participating in the small 
business 
intermediary 
lending 
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program established under sub-
section (l)(2); 
‘‘(II) has approved and disbursed 
10 similarly sized loans during the 24- 
month period preceding the date on 
which such entity submits an applica-
tion to participate in the program; 
and 
‘‘(III) is servicing, as of the date 
on which such entity begins participa-
tion in the program, not less than 10 
similarly sized loans (other than a 
loan described in subclause (II)) to 
small business concerns in the port-
folio of the entity. 
‘‘(iii) EXISTING BUSINESS.—The term 
‘existing business’ means a small business 
concern that has been in existence for not 
less than 2 years on the date on which a 
loan is made to such small business con-
cern under the program. 
‘‘(iv) LOW- 
OR
MODERATE-INCOME 
COMMUNITY.—The term ‘low- or moderate- 
income community’ means a census tract 
designated as low-income or moderate-in-
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come by the Financial Institutions Exam-
ination Council on a public website of the 
Council. 
‘‘(v) NEW BUSINESS.—The term ‘new 
business’ means a small business concern 
that has been in existence for not more 
than 2 years on the date on which a loan 
is made to such small business concern 
under the program. 
‘‘(vi) PROGRAM.—The term ‘program’ 
means the Community Advantage Loan 
Program established under subparagraph 
(C). 
‘‘(vii) REFERRAL AGENT.—The term 
‘Referral Agent’ has the meaning given the 
term in section 103.1(f) of title 13, Code 
of Federal Regulations, or any successor 
regulation. 
‘‘(viii) RURAL AREA.—The term ‘rural 
area’ means any county that the Bureau of 
the Census has defined as mostly rural or 
completely rural in the most recent decen-
nial census. 
‘‘(ix) 
STATE.—The 
term 
‘State’ 
means each of the several States, the Dis-
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