Microloan Modernization Act of 2015

openUnited States· United States Congress· EN

Introduced

23 July 2015

Last action

15 September 2015 · Reported

Status

Placed on Senate Legislative Calendar under General Orders. Calendar No. 224.

Summary

Microloan Modernization Act of 2015 This bill amends the Small Business Act with respect to the rule under the Small Business Administration (SBA) Microloan Program (assisting low-income individuals to start and operate a small business) that permits SBA-designated microloan intermediary lenders to expend up to 25% of the grant funds they receive from the SBA to provide information and technical assistance to small business concerns that are their prospective borrowers. The total amount of loans outstanding and committed to any particular intermediary (excluding outstanding grants) from the SBA business loan and investment fund is increased from $5 million to $6 million for the remaining years of the intermediary's participation in the program. The SBA must establish a process by which these microloan intermediaries may apply for, and the SBA may grant, a waiver of this 25/75 allocation. This rule shall require any waiver applicant to: specify how it will use the additional technical assistance, and make assurances that the intermediary will have sufficient funds to provide technical assistance to all of the intermediary's borrowers. An eligible intermediary may include lines of credit among the short-term, fixed rate loans it makes to startup, newly established, and growing small business concerns from SBA funds made available to the intermediary for working capital and the acquisition of materials, supplies, furniture, fixtures, and equipment. The SBA may not impose limitations on the repayment term of a loan by an intermediary to a small business or entrepreneur. This repayment term, however, may not exceed: 6 years for a loan of $10,000 or less, or 10 years for a loan greater than $10,000. The Government Accountability Office shall: compare the operations of a representative sample of eligible intermediaries that participate in the microloan program and of eligible intermediaries that do not, study the reasons why the latter do not participate, recommend how to encourage increased participation by intermediaries in the microloan program, and recommend how to decrease the associated costs for intermediary participation.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

23 July 2015
Introduced
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Source: IntroReferral
23 July 2015
Introduced
Introduced in Senate
Source: IntroReferral
29 July 2015
Reported
Committee on Small Business and Entrepreneurship. Ordered to be reported without amendment favorably.
Source: Committee
15 September 2015
Calendars
Placed on Senate Legislative Calendar under General Orders. Calendar No. 224.
Source: Calendars
15 September 2015
Reported
Committee on Small Business and Entrepreneurship. Reported by Senator Vitter without amendment. Without written report.
Source: Committee
15 September 2015
Reported
Committee on Small Business and Entrepreneurship. Reported by Senator Vitter without amendment. Without written report.
Source: Committee

Votes

No vote records are attached yet.

Versions

Reported to Senate · 15 September 2015 · Download file
Introduced in Senate · 23 July 2015 · Download file

Documents

6 official files

Reported to Senate (text)

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Reported to Senate (text)
Reported to Senate · EN · 15 September 2015
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Reported to Senate (PDF)
Reported to Senate · EN · 15 September 2015
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Reported to Senate without amendment
summary · EN · 15 September 2015
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Introduced in Senate (text)
Introduced in Senate · EN · 23 July 2015
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Introduced in Senate (PDF)
Introduced in Senate · EN · 23 July 2015
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Introduced in Senate
summary · EN · 23 July 2015
Open at official source
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Vertaal dit document naar jouw taal. PoliticalRepo bewaart geen aparte kopie per EU-taal.
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Documentvertaling op verzoek met downloadbare PDF (logo + link naar de officiële bron). Het bronbestand blijft leidend.

Related records

related to → Microloan Modernization Act of 2015
related to → Stop Overdose Stat Act of 2015

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/114th-congress/senate-bill/1857
Open data entity: https://api.congress.gov/v3/bill/114/s/1857
us · 114-s-1857 · source updated 7 April 2025