SBA Intermediary Lending Program Act of 2014

Bill: 113-s-2637
Sponsor: full_name: Sen. Levin, Carl [D-MI]
Introduced: 2014-07-22
Policy area: Commerce
Subjects: Government lending and loan guarantees

Small business
Latest action: action_date: 2014-07-22
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2014-07-22
action_desc: Introduced in Senate
text: <p>SBA Intermediary Lending Program Act of 2014 - Amends the Small Business Act to make permanent the Small Business Administration (SBA) Intermediary Lending Program (ILP). </p> <p>Limits to a maximum of: (1) $1 million a single ILP loan to an eligible intermediary, (2) $5 million the total amount outstanding and committed to the intermediary by the Administrator under the program, and (3) $20 million the total amount of all ILP loans during each of FY2015-FY2017.</p> <p>Authorizes the Administrator, during FY2018 and each ensuing fiscal year, to use amounts made available for the program.</p>

tv_txt: II 113th CONGRESS 2d Session S. 2637 IN THE SENATE OF THE UNITED STATES July 22, 2014 Mr. Levin introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To modify the small business intermediary lending program.

1. Short title This Act may be cited as the SBA Intermediary Lending Program Act of 2014 . 2. Small business intermediary lending program Section 7(l) of the Small Business Act ( 15 U.S.C. 636(l) ) is amended— (1) in the subsection heading, by striking Pilot ; (2) in paragraph (1)(B), by striking pilot ; (3) in paragraph (2)— (A) by striking 3-year ; and (B) by striking pilot ; (4) in paragraph (4)— (A) by striking subparagraph (B) and inserting the following: (B) Loan limits (i) In general No single loan to an eligible intermediary under this subsection may exceed $1,000,000. (ii) Total amount The total amount outstanding and committed to an eligible intermediary by the Administrator under the Program may not exceed $5,000,000. ; and (B) by striking subparagraph (G) and inserting the following: (G) Maximum amounts The Administrator may make loans under the Program— (i) during each of fiscal years 2015, 2016, and 2017, in a total amount of not more than $20,000,000; and (ii) during fiscal year 2018 and each fiscal year thereafter, using such amounts as are made available for the Program. ; and (5) by striking paragraph (6).