Microloan Act of 2015

2015-05-21

Introduced in Senate

Microloan Act of 2015

This bill amends the Small Business Act to revise requirements for the Small Business Administration (SBA) Microloan Program (direct loans to eligible intermediaries for making fixed interest rate microloans to startup, newly established, or growing small businesses).

The bill repeals the authority for each intermediary to expend certain grant amounts to: (1) provide information and technical assistance to small businesses that are prospective borrowers, and (2) enter into third party contracts to provide technical assistance.

The bill also repeals minimum allocation requirements and authority to redistribute portions of remaining microloan funds in the third quarter.

It is the sense of Congress that the SBA should promote the Microloan Program to encourage entrepreneurs to use it.

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