Microloan Transparency and Accountability Act of 2020 2020-09-14 Passed House Microloan Transparency and Accountability Act of 2020

This bill modifies provisions related to the Small Business Administration's (SBA) disbursement of certain financial assistance.

Specifically, the bill establishes a 5% technical assistance grant for certain intermediaries, including intermediaries who make 25% of their loans to rural small businesses. Further, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan.

]]> 2020-03-04 Introduced in House Microloan Transparency and Accountability Act of 2020

This bill modifies provisions related to the Small Business Administration's (SBA) disbursement of certain financial assistance.

Specifically, the bill establishes a 5% technical assistance grant for intermediaries who make 25% of their loans to rural small businesses. Further, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan.

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