[Congressional Bills 110th Congress]
[From the U.S. Government Publishing Office]
[H.R. 3020 Introduced in House (IH)]







110th CONGRESS
  1st Session
                                H. R. 3020

 To amend the Small Business Act to improve the Microloan program, and 
                          for other purposes.


_______________________________________________________________________


                    IN THE HOUSE OF REPRESENTATIVES

                             July 12, 2007

 Mr. Chabot (for himself, Ms. Velazquez, Mr. Cuellar, Ms. Clarke, and 
Mr. Lipinski) introduced the following bill; which was referred to the 
                      Committee on Small Business

_______________________________________________________________________

                                 A BILL


 
 To amend the Small Business Act to improve the Microloan program, and 
                          for other purposes.

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled,

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) Short Title.--This Act may be cited as the ``Microloan 
Amendments and Modernization Act''.
    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Transmission of credit reporting information.
Sec. 3. Flexible credit.
Sec. 4. Intermediary eligibility requirements.
Sec. 5. Average loan size.
Sec. 6. Technical assistance.
Sec. 7. Entrepreneurs with disabilities.

SEC. 2. TRANSMISSION OF CREDIT REPORTING INFORMATION.

    Section 7(m) of the Small Business Act (15 U.S.C. 636(m)) is 
amended by adding at the end the following:
            ``(14) Credit reporting information.--The Administrator 
        shall establish a process, for use by a lender making a loan to 
        a borrower under this subsection, under which the lender 
        provides to the major credit reporting agencies the information 
        about the borrower that is relevant to credit reporting, such 
        as the payment activity of the borrower on the loan.''.

SEC. 3. FLEXIBLE CREDIT.

    Section 7(m) of the Small Business Act (15 U.S.C. 636(m)) is 
amended, in each of paragraphs (1)(B)(i) and (11)(B), by striking 
``short-term,''.

SEC. 4. INTERMEDIARY ELIGIBILITY REQUIREMENTS.

    Section 7(m)(2) of the Small Business Act (15 U.S.C. 636(m)(2)) is 
amended--
            (1) in subparagraph (A) by striking ``paragraph (10)'' and 
        inserting ``paragraph (11)''; and
            (2) by amending subparagraph (B) to read as follows:
                    ``(B) has--
                            ``(i) at least--
                                    ``(I) 1 year of experience making 
                                microloans to startup, newly 
                                established, or growing small business 
                                concerns; or
                                    ``(II) 1 full-time employee who has 
                                not less than 3 years experience making 
                                microloans to startup, newly 
                                established, or growing small business 
                                concerns; and
                            ``(ii) at least 1 year of experience 
                        providing, as an integral part of its microloan 
                        program, intensive marketing, management, and 
                        technical assistance to its borrowers.''.

SEC. 5. AVERAGE LOAN SIZE.

    Section 7(m) of the Small Business Act (15 U.S.C. 636(m)) is 
amended by striking ``$7,500'' and inserting ``$10,000'' in each of the 
following places: paragraph (3)(F)(iii), paragraph (6)(C)(i), and 
paragraph (6)(C)(ii).

SEC. 6. TECHNICAL ASSISTANCE.

    Section 7(m)(4)(E) of the Small Business Act (15 U.S.C. 
636(m)(4)(E)) is amended as follows:
            (1) Pre-loan.--Clause (i) is amended by striking ``25 
        percent'' and inserting ``35 percent''.
            (2) Third party contracts.--Clause (ii) is amended by 
        striking ``25 percent'' and inserting ``35 percent''.

SEC. 7. ENTREPRENEURS WITH DISABILITIES.

    Section 7(m)(1)(A)(i) of the Small Business Act (15 U.S.C. 
636(m)(1)(A)(i)) is amended by inserting ``disabled,'' before ``and 
minority entrepreneurs''.
                                 <all>