3.0.0 2595 2023-01-13T04:48:37Z 2023-01-13T04:48:37Z Senate S S 2006-04-06 109 sssb00 Small Business and Entrepreneurship Committee Senate Standing Referred to 2006-04-07T01:02:33Z 2006-04-06 sssb00 Small Business and Entrepreneurship Committee Senate Read twice and referred to the Committee on Small Business and Entrepreneurship. IntroReferral 2006-04-06 Introduced in Senate IntroReferral 10000 9 Library of Congress K000148 Sen. Kerry, John F. [D-MA] JOHN KERRY D MA FORBES N P000590 Sen. Pryor, Mark L. [D-AR] Mark Pryor D AR Lunsford 2006-04-06 True Commerce Administrative fees Administrative procedure Congress Congressional reporting requirements Depressed areas Economic development Economics and Public Finance Federally-guaranteed loans Finance and Financial Sector Foreclosure Government Operations and Politics Housing and Community Development Law Loan defaults Loans Nonprofit organizations Rural economic development Securities Small Business Administration Small business Social Welfare Commerce 00 2006-04-06 Introduced in Senate 2006-06-02T19:35:28Z 504 Loan Program Modernization Act of 2006 - Amends the Small Business Act to extend through FY2009 the authorization of appropriations for the 504 Loan Program (a program initiated under title V of the Small Business Investment Act of 1958 that provides long-term financing to small businesses for expansion or modernization, delivered through nonprofit certified development companies (CDCs) established in the communities of such small businesses).

Amends the Small Business Investment Act of 1958 to outline requirements for development companies to qualify as CDCs for purposes of small business loans guaranteed by and administered through the Small Business Administration (SBA). Includes among such requirements that such companies: (1) employ fewer than 500 employees; (2) have a primary function of providing long-term financing to small businesses under the 504 Loan Program; and (3) maintain nonprofit status. Outlines additional requirements concerning board of directors, staffing, areas of operations (including multistate operation), and conflicts of interests. Includes as a goal of CDC projects the expansion of business in low-income communities.

Provides for, among other things: (1) the repeal of the sunset on reserve requirements for premier certified lenders; (2) permissible debt refinancing for state and local development companies; (3) a report from the SBA Administrator assessing the impact on fostering economic development caused by changes in fees for SBA-guaranteed small business loans; (4) additional equity for small business loans; (5) CDC contracting with a qualified third party to perform foreclosures and liquidations of defaulted small business loans; and (6) a report from the Administrator on the operation of the Premier Certified Lenders Program during the previous three-year period.

]]> 504 Loan Program Modernization Act of 2006 Display Title 504 Loan Program Modernization Act of 2006 Official Title as Introduced A bill to amend the Small Business Investment Act of 1958 to modernize the treatment of development companies. Introduced in Senate IS Short Titles as Introduced 504 Loan Program Modernization Act of 2006 Introduced in Senate 2006-04-06T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-109s2595is/xml/BILLS-109s2595is.xml 2006-04-06 Read twice and referred to the Committee on Small Business and Entrepreneurship. text/xml EN Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain. Congressional Research Service, Library of Congress This file contains bill summaries and statuses for federal legislation. A bill summary describes the most significant provisions of a piece of legislation and details the effects the legislative text may have on current law and federal programs. Bill summaries are authored by the Congressional Research Service (CRS) of the Library of Congress. As stated in Public Law 91-510 (2 USC 166 (d)(6)), one of the duties of CRS is "to prepare summaries and digests of bills and resolutions of a public general nature introduced in the Senate or House of Representatives". For more information, refer to the User Guide that accompanies this file.