SBA Microenterprise Improvements Act

Bill: 109-hr-2640
Sponsor: Rep. Rush, Bobby L. [D-IL-1]
Introduced: 2005-05-25 in the House
Policy area: Commerce
Subjects: Armed Forces and National Security
Business education
Congress
Congressional reporting requirements
Economics and Public Finance
Education
Employee training
Entrepreneurs
Government Operations and Politics
Government and business
Government lending
Government paperwork
Grants-in-aid
Indian education
Labor and Employment
Minorities
Minority business enterprises
Native Americans
Nonprofit organizations
Performance measurement
Poverty
Small business
Social Welfare
Subsidies
Women
Women in business

Summary:
action_date: 2005-05-25
text: 
SBA Microenterprise Improvements Act - Amends the Small Business Act to revise the Small Business Administration's (SBA's) microloan program (a program under which SBA loans and grants are made to intermediaries, who then make loans to small businesses and provide to borrowers technical assistance, such as managerial and strategic advice) to: (1) revise eligibility requirements for microloan intermediaries; (2) increase from $7,500 to $10,000 the microloan small loan limit; (3) increase from 25 to 30 the percentage of a microloan grant that an intermediary may use to contract-out the provision of technical assistance by a third party; (4) remove the requirement that intermediaries make only short-term loans to small businesses; (5) require an annual report from the SBA to Congress on microloan amounts transferred to cover administrative expenses of technical assistance grants; (6) require the Administrator to develop a subsidy microloan program model that is more accurate than the current model; and (7) increase from 25 to 30 the percentage of technical assistance that an intermediary may provide to potential (rather than actual) borrowers.
 
 Amends the Riegle Community Development and Regulatory Improvement Act of 1994 to revise the Program for Investment in Microentrepreneurs (PRIME), a program to provide SBA assistance for the benefit of disadvantaged entrepreneurs through grants to qualified organizations. Authorizes a qualified organization to use grants to provide training and technical assistance to disadvantaged Native American entrepreneurs and prospective entrepreneurs. Requires each organization receiving assistance under PRIME to: (1) submit an annual activities report to the SBA; and (2) collect data on individuals counseled or trained and related information. Extends through FY 2007 the authorization of appropriations for PRIME.


Legislative actions:
action_date: 2006-01-20
text: Referred to the Subcommittee on Financial Institutions and Consumer Credit.
action_date: 2005-05-25
text: Referred to the Committee on Small Business, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2005-05-25
text: Referred to the Committee on Small Business, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2005-05-25
text: Referred to the Committee on Small Business, and in addition to the Committee on Financial Services, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
action_date: 2005-05-25
text: Sponsor introductory remarks on measure. (CR E1087)
action_date: 2005-05-25
text: Introduced in House
action_date: 2005-05-25
text: Introduced in House