H.R. 2451: Strengthening Entrepreneurs’ Economic Development Act of 2013

Introduced:
Jun 20, 2013
Status:
Referred to Committee
Prognosis
1% chance of being enacted
Track this bill
Sponsor
Nydia Velázquez
Representative for New York's 7th congressional district
Party
Democrat
Text
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Last Updated
Jun 20, 2013
Length
6 pages
 
Status

This bill was assigned to a congressional committee on June 20, 2013, which will consider it before possibly sending it on to the House or Senate as a whole.

Progress
Introduced Jun 20, 2013
Referred to Committee Jun 20, 2013
Reported by Committee ...
Passed House ...
Passed Senate ...
Signed by the President ...
Prognosis

7% chance of getting past committee.
1% chance of being enacted.

Only 11% of bills made it past committee and only about 3% were enacted in 2011–2013. [show factors | methodology]

 
Full Title

To direct the Administrator of the Small Business Administration to establish and carry out a direct lending program for small business concerns, and for other purposes.

Summary

No summaries available.

Cosponsors
4 cosponsors (4D) (show)
Committees

House Small Business

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

 
Primary Source

THOMAS.gov (The Library of Congress)

GovTrack gets most information from THOMAS, which is updated generally one day after events occur. Activity since the last update may not be reflected here. Data comes via the congress project.

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Notes

H.R. stands for House of Representatives bill.

A bill must be passed by both the House and Senate in identical form and then be signed by the president to become law.

The bill’s title was written by its sponsor.

GovTrack’s Bill Summary

We don’t have a summary available yet.

Library of Congress Summary

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


6/20/2013--Introduced.
Strengthening Entrepreneurs' Economic Development Act of 2013 - Directs the Administrator of the Small Business Administration (SBA) to establish and carry out a direct lending program for small businesses (businesses with fewer than 20 employees). Sets forth provisions governing the amount and repayment period of, and interest rate on, such a loan. Authorizes the Administrator to collect a fee from the borrower.
Directs the Administrator to:
(1) issue guidance regarding prudent underwriting standards for such loans;
(2) establish a process of making each loan application available to lenders for the purpose of originating, underwriting, closing, and servicing the loan;
(3) first give priority to lenders within 50 miles of the principal office of the applicant, then make such applications available to lenders in the Preferred Lenders Program, and then consider such a loan for origination, underwriting, closing, and servicing by the Administrator;
(4) offer to sell loans made under the program through the semi-annual public solicitation of offers to purchase; and
(5) maintain and service loans that are not sold through asset sales.
Amends the Small Business Act to require the SBA, for each small business loan in excess of $2 million that is approved under such Act, to collect a fee not to exceed a certain percentage of the outstanding balance of the deferred participation share of the loan as necessary to reduce to zero the cost to the SBA of making such loan.

House Republican Conference Summary

The summary below was written by the House Republican Conference, which is the caucus of Republicans in the House of Representatives.


No summary available.

House Democratic Caucus Summary

The House Democratic Caucus does not provide summaries of bills.

So, yes, we display the House Republican Conference’s summaries when available even if we do not have a Democratic summary available. That’s because we feel it is better to give you as much information as possible, even if we cannot provide every viewpoint.

We’ll be looking for a source of summaries from the other side in the meanwhile.

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