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Titles Actions Overview All Actions Cosponsors Committees Related Bills Subjects Latest Summary All Summaries

Titles (2)

Short Titles

Short Titles - House of Representatives

Short Titles as Introduced

Strengthening Entrepreneurs' Economic Development Act of 2013

Official Titles

Official Titles - House of Representatives

Official Title as Introduced

To direct the Administrator of the Small Business Administration to establish and carry out a direct lending program for small business concerns, and for other purposes.


Actions Overview (1)

Date
06/20/2013Introduced in House

All Actions (2)

Date
06/20/2013Referred to the House Committee on Small Business.
Action By: House of Representatives
06/20/2013Introduced in House
Action By: House of Representatives

Cosponsors (4)

* = Original cosponsor
CosponsorDate Cosponsored
Rep. Payne, Donald M., Jr. [D-NJ-10]* 06/20/2013
Rep. Chu, Judy [D-CA-27]* 06/20/2013
Rep. Clarke, Yvette D. [D-NY-9]* 06/20/2013
Rep. Napolitano, Grace F. [D-CA-32] 02/04/2014

Committees (1)

Committees, subcommittees and links to reports associated with this bill are listed here, as well as the nature and date of committee activity and Congressional report number.

Committee / Subcommittee Date Activity Reports
House Small Business06/20/2013 Referred to

No related bill information was received for H.R.2451.


Subjects (6)


Latest Summary (1)

There is one summary for H.R.2451. View summaries

Shown Here:
Introduced in House (06/20/2013)

Strengthening Entrepreneurs' Economic Development Act of 2013 - Directs the Administrator of the Small Business Administration (SBA) to establish and carry out a direct lending program for small businesses (businesses with fewer than 20 employees). Sets forth provisions governing the amount and repayment period of, and interest rate on, such a loan. Authorizes the Administrator to collect a fee from the borrower.

Directs the Administrator to: (1) issue guidance regarding prudent underwriting standards for such loans; (2) establish a process of making each loan application available to lenders for the purpose of originating, underwriting, closing, and servicing the loan; (3) first give priority to lenders within 50 miles of the principal office of the applicant, then make such applications available to lenders in the Preferred Lenders Program, and then consider such a loan for origination, underwriting, closing, and servicing by the Administrator; (4) offer to sell loans made under the program through the semi-annual public solicitation of offers to purchase; and (5) maintain and service loans that are not sold through asset sales.

Amends the Small Business Act to require the SBA, for each small business loan in excess of $2 million that is approved under such Act, to collect a fee not to exceed a certain percentage of the outstanding balance of the deferred participation share of the loan as necessary to reduce to zero the cost to the SBA of making such loan.