H.R.4191 - Credit Union Small Business Lending Act112th Congress (2011-2012)
|Sponsor:||Rep. Schrader, Kurt [D-OR-5] (Introduced 03/08/2012)|
|Committees:||House - Small Business; Financial Services|
|Latest Action:||04/26/2012 Referred to the Subcommittee on Financial Institutions and Consumer Credit. (All Actions)|
This bill has the status Introduced
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Summary: H.R.4191 — 112th Congress (2011-2012)All Bill Information (Except Text)
Introduced in House (03/08/2012)
Credit Union Small Business Lending Act - Directs the Administrator of the Small Business Administration (SBA) to establish a dedicated process by which credit unions participating in a certain small business loan program may receive approvals and repurchases concerning program loan guarantees.
Requires such process to: (1) be distinct from that used by participating non-credit unions, and (2) make use of existing agency resources.
Amends the Small Business Act to direct the SBA Administrator to implement a program to: (1) provide outreach and assistance to credit unions to increase their participation in the SBA small business loan program, (2) simplify the application process for such participation, and (3) provide a guaranty of up to 85% for loans made by credit unions to their members in underserved areas.