H.R.5517 - Seeds for Soldiers Act109th Congress (2005-2006)
|Sponsor:||Rep. Udall, Tom [D-NM-3] (Introduced 05/25/2006)|
|Committees:||House - Small Business|
|Latest Action:||05/26/2006 Sponsor introductory remarks on measure. (All Actions)|
This bill has the status Introduced
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Summary: H.R.5517 — 109th Congress (2005-2006)All Information (Except Text)
Introduced in House (05/25/2006)
Seeds for Soldiers Act - Authorizes the Administrator of the Small Business Administration (SBA), using loan authority under the Small Business Act, to make loans to small businesses owned and controlled by veterans. Allows such loans to be made for any business purpose, including the refinancing of outstanding business debt. Defers loan principal payments for one year after loan issuance. Prohibits the total amount outstanding and committed to a borrower from exceeding $3 million. Provides conditions under which the Administrator may participate in SBA-guaranteed loans to such businesses, including collection of a loan guarantee fee. Terminates the loan authority at the end of 2008.
Directs the Administrator to make grants to small business development centers to enable such centers to provide to veterans a program of assistance that includes training in a vocational or technical trade and entrepreneurial assistance in establishing and operating a small business that provides services in such trade. Provides a minimum grant amount of $500,000. Terminates the grant authority at the end of 2008.