S.174 - Microloan Program Improvement Act of 2001107th Congress (2001-2002)
|Sponsor:||Sen. Kerry, John F. [D-MA] (Introduced 01/24/2001)|
|Committees:||Senate - Small Business and Entrepreneurship | House - Small Business|
|Committee Reports:||S. Rept. 107-18|
|Latest Action:||House - 04/17/2002 Ordered to be Reported (Amended). (All Actions)|
This bill has the status Passed Senate
Here are the steps for Status of Legislation:
- Passed Senate
Summary: S.174 — 107th Congress (2001-2002)All Information (Except Text)
Microloan Program Improvement Act of 2001 - Amends provisions of the Small Business Act concerning the Microloan program (a program of start-up loans to small businesses) to: (1) remove the requirement that such loans be short-term; (2) allow up to 35 (currently 25) percent of grant funds made to intermediaries to be used to provide technical assistance to small businesses that are prospective borrowers under the program; and (3) authorize the Administrator of the Small Business Administration to use up to $1 million of the annual appropriations for technical assistance grants to subcontract with one or more national trade associations of eligible intermediaries or other knowledgeable entities to provide peer-to-peer capacity building and training to lenders and organizations seeking to become lenders under the program.
Passed Senate amended (11/16/2001)
Authorizes the Administrator to make reduced interest rate loans to intermediaries that make Microloan small business loans which average not more than $10,000 (currently $7,500).