Small Business Financing Improvements Act of 2008

Summary

Small Business Financing Improvements Act of 2008 - Amends the Small Business Act to provide requirements for trust certificates representing all or a portion of one or more small business loans guaranteed by the Small Business Administration (SBA). Directs the SBA to establish an optional loan size standard applicable to both 7(a) (SBA-guaranteed general business loans) borrowers and 504 (loans to small businesses funded by the SBA through certified development companies [CDCs]) borrowers. Revises provisions of the Small Business Investment Act of 1958 concerning the CDC program to: (1) provide criteria before a development company may issue debentures for the financing of SBA-backed loans; (2) add as an eligible loan purpose the expansion of certain businesses in low-income communities; (3) allow certain businesses or corporations owned by more than one individual to qualify for a public policy goal loan; (4) allow loan financing to include a limited amount of refinancing for debt not previously guaranteed by the SBA; (5) allow certain small business borrowers to contribute additional equity to a project funded partially through a CDC; (6) allow CDCs to contract privately for the foreclosure and liquidation of defaulted loans; and (7) allow CDC borrowers to include administrative and closing costs within loan amounts. Revises provisions concerning the Small Business Investment Company Program to revise a participating company's maximum: (1) amount of outstanding leverage; and (2) aggregate investment limit in a single business.

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Documents

8 official files

• Received in Senate (text)

  Received in Senate · EN · 30 September 2008

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• Received in Senate (PDF)

  Received in Senate · EN · 30 September 2008

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• Engrossed in House (text)

  Engrossed in House · EN · 29 September 2008

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• Engrossed in House (PDF)

  Engrossed in House · EN · 29 September 2008

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• Passed House without amendment

  summary · EN · 29 September 2008

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• Introduced in House (text)

  Introduced in House · EN · 27 September 2008

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• Introduced in House (PDF)

  Introduced in House · EN · 27 September 2008

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• Introduced in House

  summary · EN · 27 September 2008

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