On July 19, the House Small Business Committee approved, by voice vote, the Microloan Amendments and Modernization Act (H.R. 3020), a bill that would amend the Small Business Act (P.L. 85-536) to update the Small Business Administration’s (SBA) current microloan program. The committee held a hearing on the subject on June 14 (see The Source, 6/15/07).
Sponsored by Ranking Member Steve Chabot (R-OH), H.R. 3020 would raise the amount that intermediary lenders can loan to small businesses from $7,500 to $10,000, increase funds available for technical assistance to entrepreneurs from 25 percent to 35 percent, and include disabled entrepreneurs in the list of entrepreneurs that intermediary lenders should assist.
During consideration of the bill, the committee adopted, by unanimous consent, a manager’s amendment by Chair Nydia Velázquez (D-NY) that would incorporate the Program for Investment in Microentrepreneurs Act into the Small Business Act (P.L. 85-536).
