SEED Act

Bill: 116-hr-5272
Sponsor: full_name: Rep. Sánchez, Linda T. [D-CA-38]
Introduced: 2019-11-26
Policy area: Commerce
Subjects: Business education

Government lending and loan guarantees

Small business
Latest action: action_date: 2019-11-26
text: Referred to the House Committee on Small Business.

Summaries:
action_date: 2019-11-26
action_desc: Introduced in House
text: <p><b>Supporting Entrepreneurs and Economic Development Act or the SEED Act</b></p> <p>This bill requires a lender that determines a borrower is ineligible for a small business loan to refer the borrower to a small business development center.</p>

tv_txt: I 116th CONGRESS 1st Session H. R. 5272 IN THE HOUSE OF REPRESENTATIVES November 26, 2019 Ms. Sánchez (for herself, Mr. Ted Lieu of California , Mr. Lowenthal , Mrs. Torres of California , Ms. Roybal-Allard , Mr. Cox of California , and Mr. Cisneros ) introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to require lenders to refer certain borrowers to a small business development center, and for other purposes.

1. Short title This Act may be cited as the Supporting Entrepreneurs and Economic Development Act or the SEED Act . 2. Small business development center referrals Section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) is amended by adding at the end the following new paragraph: (36) Small business development center referrals If a lender determines that a borrower is not eligible for a loan under this subsection, such lender shall refer the borrower to a small business development center. Such referral shall include— (A) the address, phone number, and website (if available) of such center; and (B) a description of the services offered by such center. .