3.0.0 2451 2023-01-11T13:24:48Z 2023-01-11T13:24:48Z House H HR 2013-06-20 113 From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Ms. VELAZQUEZ:H.R. 2451.Congress has the power to enact this legislation pursuantto the following:Article I, Section 8, Clause 1The Congress shall have Power to. . .provide for the. ..general Welfare of the United States: . . .Article I, Section 8, Clause 3The Congress shall have Power. . .To regulate Commerce withforeign Nations, and among the several States, and with theIndian Tribes.[Page H3989]]]> hssm00 Small Business Committee House Standing Referred to 2013-06-20T13:02:40Z 2013-06-20 Referred to the House Committee on Small Business. IntroReferral H11100 2 House floor actions hssm00 Small Business Committee 2013-06-20 Introduced in House IntroReferral Intro-H 9 Library of Congress 2013-06-20 Introduced in House IntroReferral 1000 9 Library of Congress V000081 Rep. Velazquez, Nydia M. [D-NY-7] NYDIA VELAZQUEZ D NY M. 7 N P000604 Rep. Payne, Donald M., Jr. [D-NJ-10] Donald Payne D NJ M. 10 2013-06-20 True C001080 Rep. Chu, Judy [D-CA-27] Judy Chu D CA 27 2013-06-20 True C001067 Rep. Clarke, Yvette D. [D-NY-9] Yvette Clarke D NY D. 9 2013-06-20 True N000179 Rep. Napolitano, Grace F. [D-CA-32] GRACE NAPOLITANO D CA F. 32 2014-02-04 False Commerce Business investment and capital Government lending and loan guarantees Interest, dividends, interest rates Small business User charges and fees Commerce 00 2013-06-20 Introduced in House 2013-10-23T19:07:30Z 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.

]]> Strengthening Entrepreneurs' Economic Development Act of 2013 Display Title Strengthening Entrepreneurs' Economic Development Act of 2013 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. Introduced in House IH Short Titles as Introduced Strengthening Entrepreneurs' Economic Development Act of 2013 Introduced in House 2013-06-20T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-113hr2451ih/xml/BILLS-113hr2451ih.xml 2013-06-20 Referred to the House Committee on Small Business. 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.