US Congress House Bill 1756 (Prior Session Legislation)

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Spectrum: Partisan Bill (Republican 2-0)
Status: Introduced on March 26 2009 - 25% progression, died in chamber
Action: 2009-03-26 - Referred to the Subcommittee on Finance and Tax.
Text: Latest bill text (Introduced) [PDF]

Small Business Microloan Modernization Act of 2009 - Amends provisions of the Small Business Act regarding the Microloan program (a program administered by the Small Business Administration [SBA] to provide small-scale loans to startup, newly established or growing small businesses for working capital or the acquisition of materials, supplies, or equipment) to: (1) require the SBA Administrator to establish a process under which a lender provides to the major credit reporting agencies information about the borrower that is relevant to credit reporting (such as loan payment activity); (2) remove the requirement that Microloan loans be short-term only; (3) revise Microloan intermediary eligibility requirements; (4) increase from $7,500 to $10,000 the limit for loans made to intermediaries that will receive a reduced interest rate; (5) increase from 25% to 35% of grant funds received by Microloan intermediaries the amount that may be used to provide information and technical assistance to small businesses that are prospective borrowers; and (6) include disabled entrepreneurs and small business owners under the Microloan program.

Small Business Microloan Modernization Act of 2009

Sen. Dean Heller [R-NV]

Rep. Donald Manzullo [R-IL]

Date	Chamber	Action
2009-03-26		Referred to the Subcommittee on Finance and Tax.
2009-03-26		Referred to the House Committee on Small Business.

Type	Source
Summary	https://www.congress.gov/bill/111th-congress/house-bill/1756/all-info
Text	https://www.congress.gov/111/bills/hr1756/BILLS-111hr1756ih.pdf