3.0.0 2125 2023-01-11T13:29:33Z 2023-01-11T13:29:33Z Senate S 2015-10-01 114 sssb00 Small Business and Entrepreneurship Committee Senate Standing Referred to 2015-10-01T20:31:03Z Small Business and Community Investments Expansion Act of 2015 114 1355 HR 2015-03-13 Referred to the House Committee on Financial Services. Related bill CRS 2015-10-01 sssb00 Small Business and Entrepreneurship Committee Senate Read twice and referred to the Committee on Small Business and Entrepreneurship. (Sponsor introductory remarks on measure: CR S7104-7105) IntroReferral 2015-10-01 Introduced in Senate IntroReferral 10000 9 Library of Congress F000062 Sen. Feinstein, Dianne [D-CA] Dianne Feinstein D CA N C001088 Sen. Coons, Christopher A. [D-DE] Christopher Coons D DE A. 2016-03-17 False P000595 Sen. Peters, Gary C. [D-MI] Gary Peters D MI 2016-04-07 False Commerce Bank accounts, deposits, capital Banking and financial institutions regulation Business investment and capital Credit and credit markets Economic development Government lending and loan guarantees Housing and community development funding Minority and disadvantaged businesses Small business Veterans' education, employment, rehabilitation Commerce 00 2015-10-01 Introduced in Senate 2015-11-19T15:06:43Z Small Business Lending and Economic Inequality Reduction Act of 2015

This bill amends the Small Business Act to establish a Community Advantage Program, under which the Small Business Administration (SBA) may guarantee loans up to $350,000 made by specified kinds of institutions, including:

  • development companies eligible for the state and local development company program,
  • nonprofit intermediaries,
  • non-federally regulated entities certified as community development financial institutions, and
  • any other SBA-approved nonprofit organizations.

At least 60% of these loans must be made to businesses in certain underserved markets, such as low- or moderate-income communities, HUBZones, empowerment zones, or enterprise communities.

The SBA must promulgate regulations for this Program, which shall be substantially similar to its Community Advantage Pilot Program, which shall terminate when these regulations take effect.

The Federal Home Loan Bank Act is amended to authorize Federal Home Loan Banks to make long-term secured advances to their members to provide funds to community development financial institutions.

At the time of origination or renewal of a loan or advance, a Bank must obtain and maintain a security interest in collateral eligible pursuant to any secured loan for any community development financial institution.]]>

Small Business Lending and Economic Inequality Reduction Act of 2015 Display Title Small Business Lending and Economic Inequality Reduction Act of 2015 Official Title as Introduced A bill to make the Community Advantage Pilot Program of the Small Business Administration permanent, and for other purposes. Introduced in Senate IS Short Titles as Introduced Small Business Lending and Economic Inequality Reduction Act of 2015 Introduced in Senate 2015-10-01T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-114s2125is/xml/BILLS-114s2125is.xml 2015-10-01 Read twice and referred to the Committee on Small Business and Entrepreneurship. (Sponsor introductory remarks on measure: CR S7104-7105) 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.