3.0.0 5113 2023-01-11T13:31:32Z 2023-01-11T13:31:32Z House HR 2016-04-28 114 [Congressional Record Volume 162, Number 66 (Thursday, April 28, 2016)]From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]By Mrs. CAROLYN B. MALONEY of New York:H.R. 5113.Congress has the power to enact this legislation pursuantto the following:Article 1, Section 8, clause 3[Page H2110]]]> hsba00 Financial Services Committee House Standing Referred to 2016-04-28T14:02:50Z 2016-04-28 Referred to the House Committee on Financial Services. IntroReferral H11100 2 House floor actions hsba00 Financial Services Committee 2016-04-28 Sponsor introductory remarks on measure. (CR E619-620) IntroReferral B00100 9 Library of Congress 2016-04-28 Introduced in House IntroReferral Intro-H 9 Library of Congress 2016-04-28 Introduced in House IntroReferral 1000 9 Library of Congress M000087 Rep. Maloney, Carolyn B. [D-NY-12] CAROLYN MALONEY D NY B. 12 N V000081 Rep. Velazquez, Nydia M. [D-NY-7] NYDIA VELAZQUEZ D NY M. 7 2016-04-28 True H001063 Rep. Hahn, Janice [D-CA-44] Janice Hahn D CA 44 2016-04-28 True V000130 Rep. Vargas, Juan [D-CA-51] Juan Vargas D CA 51 2016-04-28 True R000053 Rep. Rangel, Charles B. [D-NY-13] CHARLES RANGEL D NY B. 13 2016-04-28 True M001160 Rep. Moore, Gwen [D-WI-4] Gwen Moore D WI 4 2016-04-28 True J000288 Rep. Johnson, Henry C. "Hank," Jr. [D-GA-4] Henry Johnson D GA C. "Hank" 4 2016-04-28 True C001067 Rep. Clarke, Yvette D. [D-NY-9] Yvette Clarke D NY D. 9 2016-04-28 True H000636 Rep. Hinojosa, Ruben [D-TX-15] RUBEN HINOJOSA D TX 15 2016-04-28 True N000147 Del. Norton, Eleanor Holmes [D-DC-At Large] ELEANOR NORTON D DC HOLMES 0 2016-04-28 True H001034 Rep. Honda, Michael M. [D-CA-17] MICHAEL HONDA D CA M. 17 2016-04-28 True R000588 Rep. Richmond, Cedric L. [D-LA-2] Cedric Richmond D LA L. 2 2016-04-28 True C001049 Rep. Clay, Wm. Lacy [D-MO-1] WM. CLAY D MO LACY 1 2016-05-03 False E000288 Rep. Ellison, Keith [D-MN-5] Keith Ellison D MN 5 2016-05-03 False B001251 Rep. Butterfield, G. K. [D-NC-1] G. K. Butterfield D NC 1 2016-05-10 False L000263 Rep. Levin, Sander M. [D-MI-9] SANDER LEVIN D MI M. 9 2016-06-07 False S000248 Rep. Serrano, Jose E. [D-NY-15] JOSE SERRANO D NY E. 15 2016-09-22 False Finance and Financial Sector Business investment and capital Credit and credit markets Housing and community development funding Small business Finance and Financial Sector 00 2016-04-28 Introduced in House 2016-08-30T15:07:55Z Investing in America's Small Businesses Act of 2016

This bill amends the Community Development Banking and Financial Institutions Act of 1994 to require the Community Development Financial Institutions Fund to make grants to community development financial institutions to enable such institutions to establish a loan-loss reserve fund to defray the costs of a small business loan program.

The bill defines "small business loan program" as a program in which a community development financial institution offers loans to small businesses that: (1) are made in amounts up to $50,000, (2) have no prepayment penalty, and (3) meet any affordability requirements established by Administrator of the Fund.

A community development financial institution must provide non-federal matching funds equal to 50% of the amount of any grant received.

The bill prohibits the use of such grants to make direct loans to small businesses.

A community development financial institution may use such a grant to: (1) help recapture a portion or all of a defaulted loan made under its small business loan program, and (2) designate and utilize a fiscal agent for services the agent normally provides.

The Fund shall make technical assistance grants to community development financial institutions to create, support, or maintain such a program.

]]> Investing in America's Small Businesses Act of 2016 Display Title Investing in America's Small Businesses Act of 2016 Official Title as Introduced To encourage initiatives for financial products and services that are appropriate and accessible for millions of American small businesses that do not have access to the financial mainstream. Introduced in House IH Short Titles as Introduced Investing in America's Small Businesses Act of 2016 Introduced in House 2016-04-28T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114hr5113ih/xml/BILLS-114hr5113ih.xml 2016-04-28 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.