3.0.0 7175 2022-02-03T05:18:09Z 2022-02-03T05:18:09Z House H HR 2008-09-27 110 hssm00 Small Business Committee House Standing Referred to 2008-09-27T14:01:25Z 2008-09-30 Senate Received in the Senate. IntroReferral 2008-09-29 14:18:03 Motion to reconsider laid on the table Agreed to without objection. Floor H38310 2 House floor actions 2008-09-29 14:18:02 On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 374 - 6 (Roll no. 675). (text: CR 9/27/2008 H10224-10226) Floor H37300 2 House floor actions 675 https://clerk.house.gov/evs/2008/roll675.xml House 110 2008-09-29T18:18:02Z 2 2008-09-29 14:18:02 Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 374 - 6 (Roll no. 675).(text: CR 9/27/2008 H10224-10226) Floor 8000 9 Library of Congress 675 https://clerk.house.gov/evs/2008/roll675.xml House 110 2008-09-29T18:18:02Z 2 2008-09-29 14:08:33 Considered as unfinished business. (consideration: CR H10411-10412) Floor H30000 2 House floor actions 2008-09-27 17:15:37 At the conclusion of debate, the chair put the question on the motion to suspend the rules. Mr. Chabot objected to the vote on the grounds that a quorum was not present. Further proceedings on the motion were postponed. The point of no quorum was withdrawn. Floor H37210 2 House floor actions 2008-09-27 17:00:35 DEBATE - The House proceeded with forty minutes of debate on H.R. 7175. Floor H8D000 2 House floor actions 2008-09-27 17:00:32 Considered under suspension of the rules. (consideration: CR H10224-10228) Floor H30000 2 House floor actions 2008-09-27 17:00:17 Ms. Velazquez moved to suspend the rules and pass the bill. Floor H30300 2 House floor actions 2008-09-27 Referred to the House Committee on Small Business. IntroReferral H11100 2 House floor actions hssm00 Small Business Committee 2008-09-27 Introduced in House IntroReferral Intro-H 9 Library of Congress 2008-09-27 Introduced in House IntroReferral 1000 9 Library of Congress V000081 Rep. Velazquez, Nydia M. [D-NY-12] NYDIA VELAZQUEZ D NY M. 12 N C000266 Rep. Chabot, Steve [R-OH-1] STEVE CHABOT R OH 1 2008-09-27 True D000606 Rep. Davis, David [R-TN-1] David Davis R TN 1 2008-09-27 True C001067 Rep. Clarke, Yvette D. [D-NY-11] Yvette Clarke D NY D. 11 2008-09-27 True C001063 Rep. Cuellar, Henry [D-TX-28] Henry Cuellar D TX 28 2008-09-27 True Commerce Building construction Business ethics Business investment and capital Government lending and loan guarantees Industrial facilities Interest, dividends, interest rates Minority and disadvantaged businesses Securities Small business Veterans' education, employment, rehabilitation Commerce 00 2008-09-27 Introduced in House 2009-01-09T20:53:58Z Small Business Financing Improvements Act of 2008 - Amends the Small Business Act to provide requirements for trust certificates representing all or a portion of one or more small business loans guaranteed by the Small Business Administration (SBA).

Directs the SBA to establish an optional loan size standard applicable to both 7(a) (SBA-guaranteed general business loans) borrowers and 504 (loans to small businesses funded by the SBA through certified development companies [CDCs]) borrowers.

Revises provisions of the Small Business Investment Act of 1958 concerning the CDC program to: (1) provide criteria before a development company may issue debentures for the financing of SBA-backed loans; (2) add as an eligible loan purpose the expansion of certain businesses in low-income communities; (3) allow certain businesses or corporations owned by more than one individual to qualify for a public policy goal loan; (4) allow loan financing to include a limited amount of refinancing for debt not previously guaranteed by the SBA; (5) allow certain small business borrowers to contribute additional equity to a project funded partially through a CDC; (6) allow CDCs to contract privately for the foreclosure and liquidation of defaulted loans; and (7) allow CDC borrowers to include administrative and closing costs within loan amounts.

Revises provisions concerning the Small Business Investment Company Program to revise a participating company's maximum: (1) amount of outstanding leverage; and (2) aggregate investment limit in a single business.

]]> 81 2008-09-29 Passed House without amendment 2009-01-09T23:02:29Z (This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

Small Business Financing Improvements Act of 2008 - Title I: 7(a) Loan Program - (Sec. 101) Amends the Small Business Act to require trust certificates representing all or a portion of one or more small business loans guaranteed by the Small Business Administration (SBA) to be based on and backed by a trust or pool approved by the SBA Administrator and composed solely of the guaranteed portion of such loan(s). Makes the interest rate on such certificates either: (1) the lowest rate on any loan in the pool; or (2) the weighted average rate of all the pooled loans.

(Sec. 102) Directs the SBA to establish an optional loan size standard applicable to both 7(a) (SBA-guaranteed general business loans) borrowers and 504 (loans to small businesses funded by the SBA through certified development companies) borrowers, using net worth and average net income as loan size standards in lieu of industry standards.

Title II: 504 CDC Program - (Sec. 201) Provides definitions of "development company," "certified development company," and "rural area" under the Small Business Investment Act of 1958.

(Sec. 202) Provides criteria required before a development company may issue debentures for the financing of SBA-backed loans (and thereby be considered a certified development company, or CDC), including: (1) size (fewer than 500 employees, with an exception); (2) primary purpose and function; (3) nonprofit status; (4) good standing in the state in which it conducts business; (4) membership, board of directors, and professional management and staff; (5) area of operations; and (6) use of proceeds. Provides ethical requirements, including prohibited conflicts of interest in approved loans under the Certified Development Company Economic Development Loan Program.

(Sec. 204) Adds as an eligible purpose (public policy goal) of the SBA's development company loan program the expansion of businesses in low-income communities that would be eligible for new market tax credit investments under the Internal Revenue Code.

(Sec. 205) Allows a small business or corporation owned by more than one individual to qualify as minority-owned or veteran-owned for purposes of qualifying for a public policy goal loan if 51% or more of the business interest belongs to one or more individuals who are a minority or a veteran.

(Sec. 206) Allows CDC loan financing to include a limited amount of refinancing for debt not previously guaranteed by the SBA, if the project involves expansion of a small business which has existing indebtedness collateralized by fixed assets.

(Sec. 207) Allows small business borrowers using SBA loans for plant acquisition, construction, conversion, and expansion to contribute more equity to a project funded partially through a CDC, and to use the excess equity to reduce the amount of the non-CDC-funded portion of the loan.

(Sec. 208) Requires a CDC which elects not to foreclose and liquidate defaulted loans, or is determined ineligible to do so, to contract with a third party to carry out such foreclosures and liquidations. Provides for SBA reimbursement of such expenses.

(Sec. 209) Allows CDC borrowers to include administrative and closing costs (except attorney fees) within their loan amounts.

(Sec. 210) Authorizes a small business whose CDC or 7(a) loan includes the acquisition of a facility or construction of a new facility to lease up to 50% of the space in such facility.

Title III: Small Business Investment Company Program - (Sec. 301) Revises the maximum amount of outstanding leverage made available to: (1) any single company licensed under the Small Business Investment Company (SBIC) Program; and (2) two or more such companies that are commonly controlled and not under capital impairment.

(Sec. 302) Revises an SBIC company's maximum aggregate investment limit in a single business.

]]> Small Business Financing Improvements Act of 2008 Short Titles as Introduced Small Business Financing Improvements Act of 2008 Short Titles as Passed House Small Business Financing Improvements Act of 2008 H House Display Title Small Business Financing Improvements Act of 2008 Official Title as Introduced To amend the Small Business Act to improve the section 7(a) lending program, and for other purposes. Received in Senate 2008-09-30T04:00:00Z Engrossed in House 2008-09-29T04:00:00Z Introduced in House 2008-09-27T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-110hr7175ih/xml/BILLS-110hr7175ih.xml 2008-09-30 Received in the Senate. 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.