H.R. 3020 (110th): Microloan Amendments and Modernization Act

Introduced:
Jul 12, 2007 (110th Congress, 2007–2009)
Sponsor:
Rep. Steve Chabot [R-OH1]
Status:
Died (Passed House)

The bill’s title was written by the bill’s sponsor. H.R. stands for House of Representatives bill.

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Status

This bill was introduced in a previous session of Congress and was passed by the House on September 4, 2007 but was never passed by the Senate.

Progress
Introduced Jul 12, 2007
Referred to Committee Jul 12, 2007
Reported by Committee Jul 19, 2007
Passed House Sep 04, 2007
Votes

House Vote on Passage
Sep 04, 2007 7:27 p.m.
Passed 385/5

Cosponsors
5 cosponsors (5D) (show)
Committees

House Small Business

Senate Small Business and Entrepreneurship

The committee chair determines whether a bill will move past the committee stage.

Full Title

To amend the Small Business Act to improve the Microloan program, and for other purposes.

Summary

No summaries available.

Text

Read Bill Text »

Last updated Sep 05, 2007.
15 pages

Primary Source

View on THOMAS (The Library of Congress)

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Citation

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GovTrack’s Bill Summary

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Library of Congress Summary

The summary below was written by the Congressional Research Service, which is a nonpartisan division of the Library of Congress.

9/4/2007.
Title I - Microloan
Section 101 -
Amends the Small Business Act with regard to 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 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).
Section 102 -
Removes the requirement that Microloan loans be short-term only.
Section 103 -
Requires Microloan loan intermediaries to have one full-time employee who has at least three years experience making microloans.
Section 104 -
Increases from $7,500 to $10,000 the limit for loans made to intermediaries that will receive a reduced interest rate.
Section 105 -
Increases 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.
Section 106 -
Includes disabled entrepreneurs and small business owners under the Microloan program.
Title II - PRIME
Program for Investment in Microentrepreneurs Act or PRIME Act -
Section 202 -
Directs the Administrator to establish a technical assistance and capacity building grant program to provide assistance to microenterprises (small businesses with fewer than five employees and generally lacking access to conventional loans, equity, or other banking services) through grants to qualified microenterprise development organizations.
Requires the Administrator to ensure that at least 50% of the grants made are used to benefit very low-income persons, including those residing on Indian reservations.
Provides a 50% matching funds requirement, with an exception for applicants with severe constraints on available sources of matching funds.
Outlines recordkeeping requirements for organizations receiving grants.
Requires such organizations to report annually to the Administrator on its activities, financial condition, and success in meeting performance goals.
Section 203 -
Repeals provisions of the Riegle Community Development and Regulatory Improvement Act of 1994 which established a Program for Investment in Microentrepreneurs (PRIME).

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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The bill contains the following citations to other parts of U.S. law:

United States Code

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