3.0.0 5302 2023-01-11T13:20:11Z 2023-01-11T13:20:11Z House H HR 2010-05-13 111 hsba00 Financial Services Committee House Standing Referred to 2010-05-13T14:03:40Z Small Business Jobs Act of 2010 111 5297 HR 2010-09-27 Became Public Law No: 111-240. Related bill CRS 2010-05-13 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2010-05-13 Introduced in House IntroReferral Intro-H 9 Library of Congress 2010-05-13 Introduced in House IntroReferral 1000 9 Library of Congress P000595 Rep. Peters, Gary C. [D-MI-9] Gary Peters D MI 9 N L000263 Rep. Levin, Sander M. [D-MI-12] SANDER LEVIN D MI M. 12 2010-05-13 True D000355 Rep. Dingell, John D. [D-MI-15] JOHN DINGELL D MI D. 15 2010-05-13 True M001171 Rep. Maffei, Daniel B. [D-NY-25] Daniel Maffei D NY B. 25 2010-05-13 True S001168 Rep. Sarbanes, John P. [D-MD-3] John Sarbanes D MD P. 3 2010-05-13 True R000170 Rep. Reyes, Silvestre [D-TX-16] SILVESTRE REYES D TX 16 2010-05-13 True N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2010-05-13 True S001178 Rep. Schauer, Mark H. [D-MI-7] Mark Schauer D MI H. 7 2010-05-13 True P000096 Rep. Pascrell, Bill, Jr. [D-NJ-8] WILLIAM PASCRELL D NJ J. 8 2010-05-13 True S001045 Rep. Stupak, Bart [D-MI-1] BART STUPAK D MI 1 2010-05-13 True T000465 Rep. Tsongas, Niki [D-MA-5] Niki Tsongas D MA 5 2010-05-13 True W000207 Rep. Watt, Melvin L. [D-NC-12] MELVIN WATT D NC 12 2010-05-13 True T000469 Rep. Tonko, Paul [D-NY-21] Paul Tonko D NY 21 2010-05-13 True E000226 Rep. Etheridge, Bob [D-NC-2] BOB ETHERIDGE D NC 2 2010-05-13 True S001156 Rep. Sánchez, Linda T. [D-CA-39] Linda Sánchez D CA T. 39 2010-05-13 True A000364 Rep. Adler, John H. [D-NJ-3] John Adler D NJ H. 3 2010-05-13 True K000008 Rep. Kanjorski, Paul E. [D-PA-11] PAUL KANJORSKI D PA E. 11 2010-05-13 True M001140 Rep. Moore, Dennis [D-KS-3] DENNIS MOORE D KS 3 2010-05-13 True M001149 Rep. Michaud, Michael H. [D-ME-2] Michael Michaud D ME H. 2 2010-05-13 True S001174 Rep. Sutton, Betty [D-OH-13] Betty Sutton D OH 13 2010-05-13 True B001253 Rep. Bean, Melissa L. [D-IL-8] Melissa Bean D IL L. 8 2010-05-13 True L000563 Rep. Lipinski, Daniel [D-IL-3] Daniel Lipinski D IL William 3 2010-05-13 True M001160 Rep. Moore, Gwen [D-WI-4] Gwen Moore D WI 4 2010-05-13 True L000565 Rep. Loebsack, David [D-IA-2] David Loebsack D IA 2 2010-05-13 True K000172 Rep. Kildee, Dale E. [D-MI-5] DALE KILDEE D MI E. 5 2010-05-13 True M001154 Rep. Miller, Brad [D-NC-13] Brad Miller D NC 13 2010-05-13 True J000288 Rep. Johnson, Henry C. "Hank," Jr. [D-GA-4] Henry Johnson D GA C. "Hank" 4 2010-05-18 False D000609 Rep. Driehaus, Steve [D-OH-1] Steve Driehaus D OH 1 2010-05-18 False M001137 Rep. Meeks, Gregory W. [D-NY-6] GREGORY MEEKS D NY W. 6 2010-05-18 False H001032 Rep. Holt, Rush [D-NJ-12] RUSH HOLT D NJ D. 12 2010-05-18 False H001047 Rep. Himes, James A. [D-CT-4] James Himes D CT A. 4 2010-05-18 False L000480 Rep. Lowey, Nita M. [D-NY-18] NITA LOWEY D NY M. 18 2010-05-24 False H.R.5297 https://www.congress.gov/bill/111th-congress/house-bill/5297 Finance and Financial Sector Administrative law and regulatory procedures Bank accounts, deposits, capital Business investment and capital Credit and credit markets Department of the Treasury Small business Finance and Financial Sector 00 2010-05-13 Introduced in House 2010-07-28T15:57:48Z State Small Business Credit Initiative Act of 2010 - Establishes a seven-year State Small Business Credit Initiative (Initiative), administered by the Secretary of the Interior to allocate federal funds to participating states with capital access programs.

Prescribes eligibility criteria for state capital access programs providing portfolio insurance for business loans.

Requires the portfolio insurance to be based on a separate loan-loss reserve fund for each financial institution, with: (1) premiums paid by the financial institution lenders and by the business borrowers to the reserve fund to have their loans enrolled in it; and (2) state contributions to the reserve fund in amounts equal to such premium charges. Limits portfolio insurance to loans of up to $5 million to borrowers with 500 employees or fewer at the time that the loan is enrolled in the program.

Requires the Secretary to approve for federal contributions any state capital access program meeting specified minimum requirements.

Authorizes a participating state that establishes a new, or has an existing, eligible credit support program to apply for the Secretary's approval of a state other credit support program [sic] for federal contributions to, or for the account of, the state program.

Requires a state other credit support program, among other eligibility criteria, to demonstrate that one dollar of public investment by the state program will cause and result in one dollar of new private credit, with a reasonable expectation that, when considered with all other state programs, they together have the ability to use new federal contributions to cause and result in amounts of new small business lending at least 10 times the new federal contribution amount. Requires such a program to extend credit support to borrowers with an average size of 500 or fewer employees, but in no event to borrowers with more than 750 employees. Requires such credit support to target loans with an average principal amount of $5 million or less, but in no event more than $20 million.

Authorizes the reduction of federal allocations to the state or termination of further allocation transfers to the state upon its termination of participation in the program, or failure to submit timely and complete reports, or its noncompliance with the terms of the allocation agreement.

Directs the Secretary to: (1) establish minimum national standards for approved state programs; and (2) provide states with technical assistance for starting programs and generally disseminating best practices.

]]> State Small Business Credit Initiative Act of 2010 Display Title State Small Business Credit Initiative Act of 2010 Official Title as Introduced To establish the State Small Business Credit Initiative, and for other purposes. Introduced in House IH Short Titles as Introduced State Small Business Credit Initiative Act of 2010 Introduced in House 2010-05-13T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-111hr5302ih/xml/BILLS-111hr5302ih.xml 2010-05-13 Referred to the House Committee on Financial Services. 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.