Microloan Act of 2015

Bill: 114-s-1445
Sponsor: full_name: Sen. Fischer, Deb [R-NE]
Introduced: 2015-05-21
Policy area: Commerce
Subjects: Government lending and loan guarantees

Small business
Latest action: action_date: 2015-05-21
text: Read twice and referred to the Committee on Small Business and Entrepreneurship.

Summaries:
action_date: 2015-05-21
action_desc: Introduced in Senate
text: <p><b>Microloan Act of 2015</b></p> <p>This bill amends the Small Business Act to revise requirements for the Small Business Administration (SBA) Microloan Program (direct loans to eligible intermediaries for making fixed interest rate microloans to startup, newly established, or growing small businesses).</p> <p>The bill repeals the authority for each intermediary to expend certain grant amounts to: (1) provide information and technical assistance to small businesses that are prospective borrowers, and (2) enter into third party contracts to provide technical assistance.</p> <p>The bill also repeals minimum allocation requirements and authority to redistribute portions of remaining microloan funds in the third quarter.</p> <p>It is the sense of Congress that the SBA should promote the Microloan Program to encourage entrepreneurs to use it.</p>

tv_txt: II 114th CONGRESS 1st Session S. 1445 IN THE SENATE OF THE UNITED STATES May 21, 2015 Mrs. Fischer (for herself and Ms. Cantwell ) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To improve the Microloan Program of the Small Business Administration.

1. Short title This Act may be cited as the Microloan Act of 2015 . 2. Microloan Program improvements (a) In general Section 7(m) of the Small Business Act ( 15 U.S.C. 636(m) ) is amended— (1) in paragraph (4)— (A) by striking subparagraph (E); and (B) by redesignating subparagraph (F) as subparagraph (E); and (2) in paragraph (7)— (A) by striking Program and all that follows through Under the program authorized and inserting Number of participants .—Under the program authorized ; and (B) by striking subparagraph (B). (b) Sense of Congress It is the sense of Congress that the Administrator of the Small Business Administration should promote the Microloan Program under section 7(m) of the Small Business Act ( 15 U.S.C. 636(m) ) to encourage entrepreneurs to use the program.