S.409 - PRIME Act106th Congress (1999-2000)
|Sponsor:||Sen. Kennedy, Edward M. [D-MA] (Introduced 02/10/1999)|
|Committees:||Senate - Banking, Housing, and Urban Affairs|
|Latest Action:||Senate - 02/10/1999 Read twice and referred to the Committee on Banking. (All Actions)|
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Summary: S.409 — 106th Congress (1999-2000)All Information (Except Text)
Introduced in Senate (02/10/1999)
Program for Investment in Microentrepreneurs Act of 1999 - Amends the Reigle Community Development and Regulatory Improvement Act of 1994 to add to title I a new subtitle C, which may be cited as the Program for Investment in Microentrepreneurs Act of 1999. Directs the Administrator of the Community Development Financial Institutions Fund to establish a microenterprise technical assistance and capacity building program to provide Fund grants to qualified non profit organizations to: (1) provide training and technical assistance to disadvantaged entrepreneurs; (2) provide training and capacity building services to help microenterprise development organizations and programs develop microenterprise training and services; and (3) aid in researching and developing the best practices in the field of microenterprise and technical assistance programs for disadvantaged entrepreneurs. Sets forth an allocation formula for such assistance and for grants benefitting very low-income persons, including those residing on Indian reservations.
Authorizes a qualified organization to provide subgrants to small and emerging microenterprise entities. Mandates matching funds from non-Federal sources.