Small Business Lending and Economic Inequality Reduction Act of 2015

Summary

Small Business Lending and Economic Inequality Reduction Act of 2015 This bill amends the Small Business Act to establish a Community Advantage Program, under which the Small Business Administration (SBA) may guarantee loans up to $350,000 made by specified kinds of institutions, including: development companies eligible for the state and local development company program, nonprofit intermediaries, non-federally regulated entities certified as community development financial institutions, and any other SBA-approved nonprofit organizations. At least 60% of these loans must be made to businesses in certain underserved markets, such as low- or moderate-income communities, HUBZones, empowerment zones, or enterprise communities. The SBA must promulgate regulations for this Program, which shall be substantially similar to its Community Advantage Pilot Program, which shall terminate when these regulations take effect. The Federal Home Loan Bank Act is amended to authorize Federal Home Loan Banks to make long-term secured advances to their members to provide funds to community development financial institutions. At the time of origination or renewal of a loan or advance, a Bank must obtain and maintain a security interest in collateral eligible pursuant to any secured loan for any community development financial institution.

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

Timeline

1. 1 October 2015

   Introduced

   Read twice and referred to the Committee on Small Business and Entrepreneurship. (Sponsor introductory remarks on measure: CR S7104-7105)

   Source: IntroReferral

2. 1 October 2015

   Introduced

   Introduced in Senate

   Source: IntroReferral

Votes

No vote records are attached yet.

Versions

• Introduced in Senate · 1 October 2015 · Official file

Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 1 October 2015

  ViewDownloadOpen at official source

• Introduced in Senate (PDF)

  Introduced in Senate · EN · 1 October 2015

  ViewDownloadOpen at official source

• Introduced in Senate

  summary · EN · 1 October 2015

  Open at official source

Sponsors

• Sen. Feinstein, Dianne [D-CA] · D · Sponsor
• Christopher Coons · D · Cosponsor
• Gary Peters · D · Cosponsor
• · sssb00 · Standing

Related records

• related to → Small Business and Community Investments Expansion Act of 2015