3.0.0 2361 2022-11-01T13:50:14Z 2022-11-01T13:50:14Z Senate S 2019-07-31 116 sssb00 Small Business and Entrepreneurship Committee Senate Standing Referred to 2019-07-31T16:40:55Z To amend the Small Business Act to establish the Community Advantage Loan Program. 116 7903 HR 2020-12-07 Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship. Related bill CRS 2019-07-31 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 S5253) IntroReferral 2019-07-31 Introduced in Senate IntroReferral 10000 9 Library of Congress C000141 Sen. Cardin, Benjamin L. [D-MD] Ben Cardin D MD N Commerce Bank accounts, deposits, capital Banking and financial institutions regulation Congressional oversight Economic development Economic performance and conditions Government information and archives Government lending and loan guarantees Government studies and investigations Interest, dividends, interest rates Minority and disadvantaged businesses Performance measurement Public-private cooperation Rural conditions and development Small Business Administration Small business Commerce 00 2019-07-31 Introduced in Senate 2020-07-17T17:09:46Z Closing the Credit Gap Act

This bill establishes a Community Advantage Loan Program under which the Small Business Administration (SBA) may guarantee loans made by covered institutions to small business concerns in underserved markets.

Specifically, the bill makes the Community Advantage Pilot Program (CA) permanent and includes women and minorities as eligible groups for CA loans in addition to the other categories that are currently eligible. The bill requires at least 60% of loans made by a covered institution under the program be made to small business concerns in underserved markets, and it allows the SBA to waive the $250,000 cap on loan sizes up to $350,000. The bill further requires the SBA to provide both in-person and online training and technical assistance that is free or low-cost for covered institutions making loans under the program.

The SBA must establish a working group to develop recommendations for the SBA to effectively manage, support, and promote the program and its mission.

Lastly, the bill requires the Government Accountability Office to report on program outcomes.

]]> Closing the Credit Gap Act Display Title Closing the Credit Gap Act Short Title(s) as Introduced Closing the Credit Gap Act Introduced in Senate IS Official Title as Introduced A bill to amend the Small Business Act to increase lending to underserved borrowers through the largest loan program of the Small Business Administration, and for other purposes. Introduced in Senate IS Introduced in Senate 2019-07-31T04:00:00Z https://www.govinfo.gov/content/pkg/BILLS-116s2361is/xml/BILLS-116s2361is.xml 2019-07-31 Read twice and referred to the Committee on Small Business and Entrepreneurship. (Sponsor introductory remarks on measure: CR S5253) 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.