Summary: S.174 — 107th Congress (2001-2002)All Information (Except Text)

Bill summaries are authored by CRS.

Shown Here:
Passed Senate amended (11/16/2001)

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.

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).