H.R. 2807 (112th): Small Business Leg-Up Act of 2011

Introduced:
Aug 05, 2011 (112th Congress, 2011–2013)
Sponsor:
Rep. Cedric Richmond [D-LA2]
Status:
Died (Referred to Committee)

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 on August 5, 2011, in a previous session of Congress, but was not enacted.

Progress
Introduced Aug 05, 2011
Referred to Committee Aug 05, 2011
Cosponsors
1 cosponsors (1D) (show)
Committees

House Financial Services

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

Full Title

To transfer unobligated and repaid funds from the Small Business Lending Fund Program to the Community Development Financial Institutions Fund to continue the program of making capital investments in eligible community development financial institutions in order to increase the availability of credit for small businesses, and for other purposes.

Summary

No summaries available.

Text

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Last updated Aug 05, 2011.
6 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.

8/5/2011--Introduced.
Small Business Lending to Entrepreneurs for Growth in Underserved Populations Act of 2011 or the Small Business Leg-Up Act of 2011 - Requires, upon the expiration of investment authority for the Small Business Lending Fund Program provided in the Small Business Jobs Act of 2010, that all unobligated funds in the Small Business Lending Fund be transferred to the Community Development Financial Institutions (CDFI) Fund. Directs that all funds received in connection with certain purchases of preferred stock and other financial instruments pursuant to such authority be transferred to the CDFI Fund. Amends the Riegle Community Development and Regulatory Improvement Act of 1994 to direct the Administrator of the CDFI Fund to carry out a Small Business Capital Investment (SBCI) Program (a small business revolving loan program) to continue making capital investments in eligible community development financial institutions in order to increase the availability of credit for small businesses.
Requires that:
(1) all funds the Administrator receives in connection with SBCI Program purchases be deposited in the CDFI Fund, and
(2) the authority to make such capital investments continue so long as specified funding amounts are available.
Allows eligible community development financial institutions (with maximum assets of $10 billion as reported in audited financial statements) to apply to receive a capital investment of up to 10% of total assets, or another appropriate percentage determined by the Administrator. Directs the Administrator, to the extent practicable and except as otherwise provided, to carry out the SBCI Program in the same manner as the Small Business Lending Fund Program.

House Republican Conference Summary

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No summary available.

House Democratic Caucus Summary

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