S.2594 - 7(a) Loan Program Reauthorization Act of 2006109th Congress (2005-2006)
|Sponsor:||Sen. Kerry, John F. [D-MA] (Introduced 04/06/2006)|
|Committees:||Senate - Small Business and Entrepreneurship|
|Latest Action:||04/06/2006 Read twice and referred to the Committee on Small Business and Entrepreneurship. (All Actions)|
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Summary: S.2594 — 109th Congress (2005-2006)All Bill Information (Except Text)
Introduced in Senate (04/06/2006)
7(a) Loan Program Reauthorization Act of 2006 - Amends the Small Business Act to reauthorize through FY2009 the Small Business Administration (SBA) loan program under section 7(a) of such Act (guaranteed general business loans to small businesses). Increases the maximum amount of individual loans. Authorizes: (1) lower loan fees in some cases; and (2) an alternative business size standard for purposes of loan qualification.
Establishes within the SBA an Office of Minority Small Business Development, administered by the Associate Administrator for Minority Small Business Development.
Directs the SBA Administrator to establish a National Preferred Lenders Program, under which the Administrator may authorize an SBA-preferred lender to operate in any area served by a district office of the SBA and make loans to small businesses in such areas.