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Legislation News & Report (TM) TheWeekInCongress.com (TM) Managing America: Small Business |
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TheWeekInCongress.com (TM) Week Ending September 7, 2007
H.R.3020 To amend the Small Business Act to improve the Microloan program, and for other purposes
The bill amends the Small Business Microloan program that provides small loans to small businesses.
The Administrator will establish a process through which lenders will make financial data on borrowers available to major credit reporting agencies relevant to the borrower’s loan and increase those lending opportunities through lender qualifications,/ Lenders making loans to startup, newly established or growing small business concerns must have one year experience. One full time employee with no less than three years experience making microloans and at least one year experience providing, as an integral part of its Microloan program, intensive marketing, management and technical assistance to its borrowers.
The average loan size in increased from $7500 to $10,000.
Preloan technical assistance and third party involvement is increased.
The program is expanded to increase participation by disabled entrepreneurs.
Sponsor: Rep. Steve Chabot (D-OH-1st) Vote: Passed House 385 to 5 September 5, 2007 RC 848 Cost to the taxpayers: No discernible cost ## All Rights Reserved. © 2007 TheWeekInCongress.com(TM) No reproduction, language translation or distribution without written permission from TheWeekInCongress.com.(TM)
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