[Congressional Record Volume 160, Number 121 (Wednesday, July 30, 2014)]
[Senate]
[Pages S5138-S5142]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Ms. CANTWELL (for herself, Mr. Cardin, Mrs. Shaheen, Mrs. 
        Gillibrand, Ms. Baldwin, and Mr. Walsh):
  S. 2693. A bill to reauthorize the women's business center program of 
the Small Business Administration, and for other purposes; to the 
Committee on Small Business and Entrepreneurship.
  Ms. CANTWELL. Mr. President, today I am joining with my colleagues to 
introduce legislation to empower women entrepreneurs and to help 
address the persistent challenges women face when trying to start and 
grow a business.
  It was just 26 years ago that Congress enacted landmark legislation, 
the Women's Business Ownership Act of 1988 that eliminated requirements 
that women obtain the signature of their husband or other man to secure 
a business loan.
  Between 1997 and 2013, the number of women-owned businesses in the 
United States grew by 59 percent, but significant barriers for women 
still exist and there is still much more work to do.
  Last week, the Small Business Committee released a report entitled 
``21st Century Barriers to Women's Entrepreneurship'' that assesses the 
current challenges faced by women-owned businesses. The report also 
makes policy recommendations to increase economic opportunity for women 
and help to put them on a level playing field with other business 
owners.
  Our committee report makes four critical findings and includes policy 
recommendations to help remedy the business climate for women 
entrepreneurs.
  First, women business owners face challenges in getting access to 
capital. The report highlights a study by the Urban Institute finding 
that only 4 percent of the total value of all conventional small 
business loans goes to women entrepreneurs. That means only $1 of every 
$23 is being loaned to a women-owned business. The report also notes 
that women are forced to rely on personal savings, loans from family or 
friends, or high interest credit because they cannot get traditional 
small business lending from banks.
  Second, the report finds that women business owners still face 
challenges in getting access to loans of the right size. Women-owned 
businesses have been very successful with the SBA's Microloan program, 
under which they can obtain loans of up to $50,000 through 
intermediaries that also provide assistance in the development of 
business plans. However, this program has not been updated since 1991.
  The report highlights the importance of reauthorizing the 
Intermediary Lending Program that expired in 2013 and provided capital 
for women business owners who were ready to take out loans that 
exceeded the $50,000 provided by the SBA's Microloan Program, but were 
not yet able to take advantage of the SBA's 7(a) lending program.
  Third, the report finds that women entrepreneurs face challenges 
obtaining relevant business training and counseling. Women's Business 
Centers provide specialized counseling and training designed to address 
the unique challenges women face in starting a small business. The 
report shows that the Women's Business Center program has not been re-
authorized since the 1990s and is in need of a 21st century 
modernization.
  Last, the committee report finds that women business owners face 
challenges getting access to Federal contracts. Despite the growing 
number of businesses owned by women, the Federal Government has never 
met its goal of awarding 5 percent of its contracts to women-owned 
small businesses. Our report notes that if the government met this 
goal, women-owned small businesses would have access to additional 
market opportunity worth up to $4 billion a year.
  That is why we are introducing the Women's Small Business Ownership 
Act. This legislation follows the policy recommendations made in the 
committee report and helps to address the glass ceiling many women 
entrepreneurs still encounter in the 21st century. While women-owned 
businesses as a whole continue to grow and succeed, to do so many women 
must overcome barriers men do not face.
  The Women's Small Business Ownership Act increases the flow of 
capital to women business owners by modernizing the SBA's Microloan 
program and reauthorizing the Intermediary Lending Program. Women have 
been particularly successful in using microloans, which are loans of 
under $50,000, and receive about half of all SBA Microloans.
  The Microloan program would be modernized by increasing the total 
amount lenders can loan, as well as allowing lenders to provide 
flexible terms and improved technical assistance to better suit the 
needs of borrowers.
  The Intermediary Lending Program is also an important program, which 
this legislation reauthorizes to address a gap in lending options for 
small businesses, including women-owned small businesses that are 
unable to obtain financing from traditional lenders. The Intermediary 
Lending Program offers low-interest loans of between $50,000 and 
$200,000 and closes the gap that can exist for small businesses that 
have outgrown the SBA's Microloan program, but are not yet able to take 
advantage of SBA's other lending guarantee programs.
  This legislation removes barriers to the federal contracting 
marketplace by allowing sole source contracts to be awarded to women-
owned small businesses. Every other small business in a unique 
socioeconomic category, including HUB Zone firms, service-disabled 
veteran-owned small businesses, and small disadvantaged businesses, can 
receive a non-competitive or sole source contract, but women's small 
businesses cannot. Women-owned companies deserve parity with other 
programs and a fair shot to grow their businesses.
  The Women's Small Business Ownership Act ensures that the SBA's 
Women's Business Centers are adequately and effectively meeting the 
needs of women entrepreneurs in the 21st century. It provides the 
resources for Women's Business Centers to provide the technical support 
and counseling tailored to the unique challenges for women-owned 
businesses.
  Women make up 51 percent of the population and have tremendous 
potential as business owners and job-creators. We need to empower women 
to break through the glass ceiling so it will be easier for even more 
women to succeed in the 21st century, grow the U.S. economy and create 
more U.S. jobs.
  When women have equal opportunity to access capital, obtain the right 
business counseling, and compete for federal contracts, the economy 
grows and the country moves forward.
  Mr. President, I ask for unanimous consent that the text of the bill 
be printed in the Record.
  There being no objection, the text of the bill was ordered to be 
printed in the Record, as follows:

                                S. 2693

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

     SECTION 1. SHORT TITLE.

       This Act may be cited as the ``Women's Small Business 
     Ownership Act of 2014''.

     SEC. 2. DEFINITION.

       In this Act--
       (1) the terms ``Administration'' and ``Administrator'' mean 
     the Small Business Administration and the Administrator 
     thereof, respectively;
       (2) the term ``disability'' has the meaning given that term 
     in section 3 of the Americans with Disabilities Act of 1990 
     (42 U.S.C. 12102);
       (3) the term ``microloan program'' means the program 
     established under section 7(m) of the Small Business Act (15 
     U.S.C. 636(m));
       (4) the term ``rural small business concern'' means a small 
     business concern located in a rural area, as that term is 
     defined in section 1393(a)(2) of the Internal Revenue Code of 
     1986; and
       (5) the terms ``small business concern'', ``small business 
     concern owned and controlled by veterans'', and ``small 
     business concern owned and controlled by women'' have the 
     meanings given those terms under section 3 of the Small 
     Business Act (15 U.S.C. 632).

     SEC. 3. OFFICE OF WOMEN'S BUSINESS OWNERSHIP.

       Section 29(g) of the Small Business Act (15 U.S.C. 656(g)) 
     is amended--
       (1) in paragraph (2)--
       (A) in subparagraph (B)--
       (i) in clause (i), by striking ``in the areas'' and all 
     that follows through the end of subclause (I), and inserting 
     the following: ``to

[[Page S5139]]

     address issues concerning the management, operations, 
     manufacturing, technology, finance, retail and product sales, 
     international trade, Government contracting, and other 
     disciplines required for--

       ``(I) starting, operating, and increasing the business of a 
     small business concern;''; and

       (ii) in clause (ii), by striking ``Women's Business Center 
     program'' each place that term appears and inserting 
     ``women's business center program''; and
       (B) in subparagraph (C), by inserting before the period at 
     the end the following: ``, the National Women's Business 
     Council, and any association of women's business centers''; 
     and
       (2) by adding at the end the following:
       ``(3) Training.--The Administrator may provide annual 
     programmatic and financial examination training for women's 
     business ownership representatives and district office 
     technical representatives of the Administration to enable 
     representatives to carry out their responsibilities.
       ``(4) Program and transparency improvements.--The 
     Administrator shall maximize the transparency of the women's 
     business center financial assistance proposal process and the 
     programmatic and financial examination process by--
       ``(A) providing public notice of any announcement for 
     financial assistance under subsection (b) or a grant under 
     subsection (l);
       ``(B) in the announcement described in subparagraph (A), 
     outlining award and program evaluation criteria and 
     describing the weighting of the criteria for financial 
     assistance under subsection (b) and grants under subsection 
     (l); and
       ``(C) not later than 60 days after the completion of a site 
     visit to the women's business center (whether conducted for 
     an audit, performance review, or other reason), when 
     feasible, providing to each women's business center a copy of 
     any site visit reports or evaluation reports prepared by 
     district office technical representatives or officers or 
     employees of the Administration.''.

     SEC. 4. WOMEN'S BUSINESS CENTER PROGRAM.

       (a) Women's Business Center Financial Assistance.--Section 
     29 of the Small Business Act (15 U.S.C. 656) is amended--
       (1) in subsection (a)--
       (A) by striking paragraph (4);
       (B) by redesignating paragraphs (2) and (3) as paragraphs 
     (4) and (5), respectively;
       (C) by inserting after paragraph (1) the following:
       ``(2) the term `association of women's business centers' 
     means an organization--
       ``(A) that represents not less than 51 percent of the 
     women's business centers that participate in a program under 
     this section; and
       ``(B) whose primary purpose is to represent women's 
     business centers;
       ``(3) the term `eligible entity' means--
       ``(A) a private nonprofit organization;
       ``(B) a State, regional, or local economic development 
     organization;
       ``(C) a development, credit, or finance corporation 
     chartered by a State;
       ``(D) a junior or community college, as defined in section 
     312(f) of the Higher Education Act of 1965 (20 U.S.C. 
     1058(f)); or
       ``(E) any combination of entities listed in subparagraphs 
     (A) through (D);''; and
       (D) by adding after paragraph (5), as so redesignated, the 
     following:
       ``(6) the term `women's business center' means a project 
     conducted by an eligible entity under this section.'';
       (2) in subsection (b)--
       (A) by redesignating paragraphs (1), (2), and (3) as 
     subparagraphs (A), (B), and (C), and adjusting the margins 
     accordingly;
       (B) by striking ``The Administration'' and all that follows 
     through ``5-year projects'' and inserting the following:
       ``(1) In general.--The Administration may provide financial 
     assistance to an eligible entity to conduct a project under 
     this section'';
       (C) by striking ``The projects shall'' and inserting the 
     following:
       ``(2) Use of funds.--The project shall be designed to 
     provide training and counseling that meets the needs of 
     women, especially socially and economically disadvantaged 
     women, and shall''; and
       (D) by adding at the end the following:
       ``(3) Amount of financial assistance.--The Administrator 
     may award financial assistance under this subsection of not 
     more than $250,000 per project year.
       ``(4) Consultation with associations of women's business 
     centers.--The Administrator shall seek advice, input, and 
     recommendations for policy changes from any association of 
     women's business centers to develop--
       ``(A) a training program for the staff of women's business 
     centers; and
       ``(B) recommendations to improve the policies and 
     procedures for governing the general operations and 
     administration of the women's business center program, 
     including grant program improvements under subsection 
     (g)(4).'';
       (3) in subsection (c)--
       (A) in paragraph (1) by striking ``the recipient 
     organization'' and inserting ``an eligible entity'';
       (B) in paragraph (3), in the second sentence, by striking 
     ``a recipient organization'' and inserting ``an eligible 
     entity'';
       (C) in paragraph (4)--
       (i) by striking ``recipient of assistance'' and inserting 
     ``eligible entity'';
       (ii) by striking ``such organization'' and inserting ``the 
     eligible entity''; and
       (iii) by striking ``recipient'' and inserting ``eligible 
     entity''; and
       (D) by adding at end the following:
       ``(5) Separation of project and funds.--An eligible entity 
     shall--
       ``(A) carry out a project under this section separately 
     from other projects, if any, of the eligible entity; and
       ``(B) separately maintain and account for any financial 
     assistance under this section.'';
       (4) in subsection (e)--
       (A) by striking ``applicant organization'' and inserting 
     ``eligible entity'';
       (B) by striking ``a recipient organization'' and inserting 
     ``an eligible entity''; and
       (C) by striking ``site'';
       (5) by striking subsection (f) and inserting the following:
       ``(f) Applications and Criteria for Initial Financial 
     Assistance.--
       ``(1) Application.--Each eligible entity desiring financial 
     assistance under subsection (b) shall submit to the 
     Administrator an application that contains--
       ``(A) a certification that the eligible entity--
       ``(i) has designated an executive director or program 
     manager, who may be compensated using financial assistance 
     under subsection (b) or other sources, to manage the center;
       ``(ii) as a condition of receiving financial assistance 
     under subsection (b), agrees--

       ``(I) to receive a site visit at the discretion of the 
     Administrator as part of the final selection process;
       ``(II) to undergo an annual programmatic and financial 
     examination; and
       ``(III) to remedy any problems identified pursuant to the 
     site visit or examination under subclause (I) or (II); and

       ``(iii) meets the accounting and reporting requirements 
     established by the Director of the Office of Management and 
     Budget;
       ``(B) information demonstrating that the eligible entity 
     has the ability and resources to meet the needs of the market 
     to be served by the women's business center for which 
     financial assistance under subsection (b) is sought, 
     including the ability to obtain the non-Federal contribution 
     required under subsection (c);
       ``(C) information relating to the assistance to be provided 
     by the women's business center for which financial assistance 
     under subsection (b) is sought in the area in which the 
     women's business center is located;
       ``(D) information demonstrating the experience and 
     effectiveness of the eligible entity in--
       ``(i) conducting financial, management, and marketing 
     assistance programs, as described in subsection (b)(2), which 
     are designed to teach or upgrade the business skills of women 
     who are business owners or potential business owners;
       ``(ii) providing training and services to a representative 
     number of women who are socially and economically 
     disadvantaged; and
       ``(iii) working with resource partners of the 
     Administration and other entities, such as universities; and
       ``(E) a 5-year plan that describes the ability of the 
     women's business center for which financial assistance is 
     sought--
       ``(i) to serve women who are business owners or potential 
     business owners by conducting training and counseling 
     activities; and
       ``(ii) to provide training and services to a representative 
     number of women who are socially and economically 
     disadvantaged.
       ``(2) Review and approval of applications for initial 
     financial assistance.--
       ``(A) In general.--The Administrator shall--
       ``(i) review each application submitted under paragraph 
     (1), based on the information described in such paragraph and 
     the criteria set forth under subparagraph (B) of this 
     paragraph; and
       ``(ii) to the extent practicable, as part of the final 
     selection process, conduct a site visit to each women's 
     business center for which financial assistance under 
     subsection (b) is sought.
       ``(B) Selection criteria.--
       ``(i) In general.--The Administrator shall evaluate 
     applicants for financial assistance under subsection (b) in 
     accordance with selection criteria that are--

       ``(I) established before the date on which applicants are 
     required to submit the applications;
       ``(II) stated in terms of relative importance; and
       ``(III) publicly available and stated in each solicitation 
     for applications for financial assistance under subsection 
     (b) made by the Administrator.

       ``(ii) Required criteria.--The selection criteria for 
     financial assistance under subsection (b) shall include--

       ``(I) the experience of the applicant in conducting 
     programs or ongoing efforts designed to teach or enhance the 
     business skills of women who are business owners or potential 
     business owners;
       ``(II) the ability of the applicant to begin a project 
     within a minimum amount of time, as established under the 
     program announcement or by regulation;
       ``(III) the ability of the applicant to provide training 
     and services to a representative number of women who are 
     socially and economically disadvantaged; and
       ``(IV) the location for the women's business center 
     proposed by the applicant, including whether the applicant is 
     located in a State in which there is not a women's business 
     center receiving funding from the Administration.

[[Page S5140]]

       ``(C) Proximity.--If the principal place of business of an 
     applicant for financial assistance under subsection (b) is 
     located less than 50 miles from the principal place of 
     business of a women's business center that received funds 
     under this section on or before the date of the application, 
     the applicant shall not be eligible for the financial 
     assistance, unless the applicant submits a detailed written 
     justification of the need for an additional center in the 
     area in which the applicant is located.
       ``(D) Record retention.--The Administrator shall maintain a 
     copy of each application submitted under this subsection for 
     not less than 7 years.''; and
       (6) in subsection (m)--
       (A) by striking paragraph (3) and inserting the following:
       ``(3) Application and approval for renewal grants.--
       ``(A) Solicitation of applications.--The Administrator 
     shall solicit applications and award grants under this 
     subsection for the first fiscal year beginning after the date 
     of enactment of the Women's Small Business Ownership Act of 
     2014, and every third fiscal year thereafter.
       ``(B) Contents of application.--Each eligible entity 
     desiring a grant under this subsection shall submit to the 
     Administrator an application that contains--
       ``(i) a certification that the applicant--

       ``(I) is an eligible entity;
       ``(II) has designated an executive director or program 
     manager to manage the women's business center operated by the 
     applicant; and
       ``(III) as a condition of receiving a grant under this 
     subsection, agrees--

       ``(aa) to receive a site visit as part of the final 
     selection process;
       ``(bb) to submit, for the 2 full fiscal years before the 
     date on which the application is submitted, annual 
     programmatic and financial examination reports or certified 
     copies of the compliance supplemental audits under OMB 
     Circular A-133 of the applicant; and
       ``(cc) to remedy any problem identified pursuant to the 
     site visit or examination under item (aa) or (bb);
       ``(ii) information demonstrating that the applicant has the 
     ability and resources to meet the needs of the market to be 
     served by the women's business center for which a grant under 
     this subsection is sought, including the ability to obtain 
     the non-Federal contribution required under paragraph (4)(C);
       ``(iii) information relating to assistance to be provided 
     by the women's business center in the area served by the 
     women's business center for which a grant under this 
     subsection is sought;
       ``(iv) information demonstrating that the applicant has 
     worked with resource partners of the Administration and other 
     entities;
       ``(v) a 3-year plan that describes the ability of the 
     women's business center for which a grant under this 
     subsection is sought--

       ``(I) to serve women who are business owners or potential 
     business owners by conducting training and counseling 
     activities; and
       ``(II) to provide training and services to a representative 
     number of women who are socially and economically 
     disadvantaged; and

       ``(vi) any additional information that the Administrator 
     may reasonably require.
       ``(C) Review and approval of applications for grants.--
       ``(i) In general.--The Administrator shall--

       ``(I) review each application submitted under subparagraph 
     (B), based on the information described in such subparagraph 
     and the criteria set forth under clause (ii) of this 
     subparagraph; and
       ``(II) at the discretion of the Administrator, and as part 
     of the final selection process, conduct a site visit to each 
     women's business center for which a grant under this 
     subsection is sought.

       ``(ii) Selection criteria.--

       ``(I) In general.--The Administrator shall evaluate 
     applicants for grants under this subsection in accordance 
     with selection criteria that are--

       ``(aa) established before the date on which applicants are 
     required to submit the applications;
       ``(bb) stated in terms of relative importance; and
       ``(cc) publicly available and stated in each solicitation 
     for applications for grants under this subsection made by the 
     Administrator.

       ``(II) Required criteria.--The selection criteria for a 
     grant under this subsection shall include--

       ``(aa) the total number of entrepreneurs served by the 
     applicant;
       ``(bb) the total number of new startup companies assisted 
     by the applicant;
       ``(cc) the percentage of clients of the applicant that are 
     socially or economically disadvantaged; and
       ``(dd) the percentage of individuals in the community 
     served by the applicant who are socially or economically 
     disadvantaged.
       ``(iii) Conditions for continued funding.--In determining 
     whether to make a grant under this subsection, the 
     Administrator--

       ``(I) shall consider the results of the most recent 
     evaluation of the women's business center for which a grant 
     under this subsection is sought, and, to a lesser extent, 
     previous evaluations; and
       ``(II) may withhold a grant under this subsection, if the 
     Administrator determines that the applicant has failed to 
     provide the information required to be provided under this 
     paragraph, or the information provided by the applicant is 
     inadequate.

       ``(D) Notification.--Not later than 60 days after the date 
     of each deadline to submit applications, the Administrator 
     shall approve or deny any application under this paragraph 
     and notify the applicant for each such application of the 
     approval or denial.
       ``(E) Record retention.--The Administrator shall maintain a 
     copy of each application submitted under this paragraph for 
     not less than 7 years.''; and
       (B) by striking paragraph (5) and inserting the following:
       ``(5) Award to previous recipients.--There shall be no 
     limitation on the number of times the Administrator may award 
     a grant to an applicant under this subsection.''.
       (b) Technical and Conforming Amendments.--Section 29 of the 
     Small Business Act (15 U.S.C. 656) is amended--
       (1) in subsection (h)(2), by striking ``to award a contract 
     (as a sustainability grant) under subsection (l) or'';
       (2) in subsection (j)(1), by striking ``The 
     Administration'' and inserting ``Not later than November 1 of 
     each year, the Administrator'';
       (3) in subsection (k)--
       (A) by striking paragraphs (1) and (4);
       (B) by redesignating paragraph (3) as paragraph (4);
       (C) by inserting before paragraph (2) the following:
       ``(1) In general.--There are authorized to be appropriated 
     to the Administration to carry out this section, to remain 
     available until expended, $26,750,000 for each of fiscal 
     years 2015 through 2019.''; and
       (D) by inserting after paragraph (2) the following:
       ``(3) Continuing grant and cooperative agreement 
     authority.--
       ``(A) Prompt disbursement.--Upon receiving funds to carry 
     out this section for a fiscal year, the Administrator shall, 
     to the extent practicable, promptly reimburse funds to any 
     women's business center awarded financial assistance under 
     this section if the center meets the eligibility requirements 
     under this section.
       ``(B) Suspension or termination.--If the Administrator has 
     entered into a grant or cooperative agreement with a women's 
     business center under this section, the Administrator may not 
     suspend or terminate the grant or cooperative agreement, 
     unless the Administrator--
       ``(i) provides the women's business center with written 
     notification setting forth the reasons for that action; and
       ``(ii) affords the women's business center an opportunity 
     for a hearing, appeal, or other administrative proceeding 
     under chapter 5 of title 5, United States Code.'';
       (4) in subsection (m)--
       (A) in paragraph (2), by striking ``subsection (b) or (l)'' 
     and inserting ``this subsection or subsection (b)''; and
       (B) in paragraph (4)(D), by striking ``or subsection (l)''; 
     and
       (5) by redesignating subsections (m), (n), and (o), as 
     amended by this Act, as subsections (l), (m), and (n), 
     respectively.
       (c) Effect on Existing Grants.--
       (1) Terms and conditions.--A nonprofit organization 
     receiving a grant under section 29(m) of the Small Business 
     Act (15 U.S.C. 656(m)), as in effect on the day before the 
     date of enactment of this Act, shall continue to receive the 
     grant under the terms and conditions in effect for the grant 
     on the day before the date of enactment of this Act, except 
     that the nonprofit organization may not apply for a renewal 
     of the grant under section 29(m)(5) of the Small Business Act 
     (15 U.S.C. 656(m)(5)), as in effect on the day before the 
     date of enactment of this Act.
       (2) Length of renewal grant.--The Administrator may award a 
     grant under section 29(l) of the Small Business Act, as so 
     redesignated by subsection (a)(5) of this section, to a 
     nonprofit organization receiving a grant under section 29(m) 
     of the Small Business Act (15 U.S.C. 656(m)), as in effect on 
     the day before the date of enactment of this Act, for the 
     period--
       (A) beginning on the day after the last day of the grant 
     agreement under such section 29(m); and
       (B) ending at the end of the third fiscal year beginning 
     after the date of enactment of this Act.

     SEC. 5. MATCHING REQUIREMENTS UNDER WOMEN'S BUSINESS CENTER 
                   PROGRAM.

       (a) In General.--Section 29(c) of the Small Business Act 
     (15 U.S.C. 656(c)), as amended by section 4 of this Act, is 
     amended--
       (1) in paragraph (1), by striking ``As a condition'' and 
     inserting ``Subject to paragraph (6), as a condition''; and
       (2) by adding at the end the following:
       ``(6) Waiver of non-federal share relating to technical 
     assistance and counseling.--
       ``(A) In general.--Upon request by a recipient 
     organization, and in accordance with this paragraph, the 
     Administrator may waive, in whole or in part, the requirement 
     to obtain non-Federal funds under this subsection for the 
     technical assistance and counseling activities of the 
     recipient organization carried out using financial assistance 
     under this section for a fiscal year. The Administrator may 
     not waive the requirement for a recipient organization to 
     obtain non-Federal funds under this paragraph for more than a 
     total of 2 consecutive fiscal years.
       ``(B) Considerations.--In determining whether to waive the 
     requirement to obtain

[[Page S5141]]

     non-Federal funds under this paragraph, the Administrator 
     shall consider--
       ``(i) the economic conditions affecting the recipient 
     organization;
       ``(ii) the impact a waiver under this clause would have on 
     the credibility of the women's business center program under 
     this section;
       ``(iii) the demonstrated ability of the recipient 
     organization to raise non-Federal funds; and
       ``(iv) the performance of the recipient organization.
       ``(C) Limitation.--The Administrator may not waive the 
     requirement to obtain non-Federal funds under this paragraph 
     if granting the waiver would undermine the credibility of the 
     women's business center program under this section.
       ``(7) Solicitation.--Notwithstanding any other provision of 
     law, a recipient organization may--
       ``(A) solicit cash and in-kind contributions from private 
     individuals and entities to be used to carry out the 
     activities of the recipient organization under the project 
     conducted under this section; and
       ``(B) use amounts made available by the Administration 
     under this section for the cost of such solicitation and 
     management of the contributions received.''.
       (b) Regulations.--
       (1) In general.--The Administrator shall--
       (A) except as provided in paragraph (2), and not later than 
     1 year after the date of enactment of this Act, publish in 
     the Federal Register proposed regulations by the 
     Administrator to carry out the amendments made to section 29 
     of the Small Business Act by this Act; and
       (B) accept public comments on such proposed regulations for 
     not less than 60 days.
       (2) Existing proposed regulations.--Paragraph (1)(A) shall 
     not apply to the extent proposed regulations by the 
     Administrator have been published on the date of enactment of 
     this Act that are sufficient to carry out the amendments made 
     to section 29 of the Small Business Act by this Act.

     SEC. 6. STUDY AND REPORT ON ECONOMIC ISSUES FACING WOMEN'S 
                   BUSINESS CENTERS.

       (a) Study.--The Comptroller General of the United States 
     shall conduct a broad study of the unique economic issues 
     facing women's business centers located in covered areas to 
     identify--
       (1) the difficulties such centers face in raising non-
     Federal funds;
       (2) the difficulties such centers face in competing for 
     financial assistance, non-Federal funds, or other types of 
     assistance;
       (3) the difficulties such centers face in writing grant 
     proposals; and
       (4) other difficulties such centers face because of the 
     economy in the type of covered area in which such centers are 
     located.
       (b) Report.--Not later than 1 year after the date of 
     enactment of this Act, the Comptroller General shall submit 
     to Congress a report containing the results of the study 
     under subsection (a), which shall include recommendations, if 
     any, regarding how to--
       (1) address the unique difficulties women's business 
     centers located in covered areas face because of the type of 
     covered area in which such centers are located;
       (2) expand the presence of, and increase the services 
     provided by, women's business centers located in covered 
     areas; and
       (3) best use technology and other resources to better serve 
     women business owners located in covered areas.
       (c) Definition of Covered Area.--In this section, the term 
     ``covered area'' means--
       (1) any State that is predominantly rural, as determined by 
     the Administrator;
       (2) any State that is predominantly urban, as determined by 
     the Administrator; and
       (3) any State or territory that is an island.

     SEC. 7. STUDY AND REPORT ON OVERSIGHT OF WOMEN'S BUSINESS 
                   CENTERS.

       (a) Study.--The Comptroller General of the United States 
     shall conduct a study of the oversight of women's business 
     centers by the Administrator, which shall include--
       (1) an analysis of the coordination by the Administrator of 
     the activities of women's business centers with the 
     activities of small business development centers, the Service 
     Corps of Retired Executives, and Veteran Business Outreach 
     Centers;
       (2) a comparison of the types of individuals and small 
     business concerns served by women's business centers and the 
     types of individuals and small business concerns served by 
     small business development centers, the Service Corps of 
     Retired Executives, and Veteran Business Outreach Centers; 
     and
       (3) an analysis of performance data for women's business 
     centers that evaluates how well women's business centers are 
     carrying out the mission of women's business centers and 
     serving individuals and small business concerns.
       (b) Report.--Not later than 1 year after the date of 
     enactment of this Act, the Comptroller General shall submit 
     to Congress a report containing the results of the study 
     under subsection (a), which shall include recommendations, if 
     any, for eliminating the duplication of services provided by 
     women's business centers, small business development centers, 
     the Service Corps of Retired Executives, and Veteran Business 
     Outreach Centers.

     SEC. 8. SOLE SOURCE CONTRACTS FOR SMALL BUSINESS CONCERNS 
                   OWNED AND CONTROLLED BY WOMEN.

       (a) In General.--Section 8(m) of the Small Business Act (15 
     U.S.C. 637(m)) is amended by adding at the end the following:
       ``(7) Authority for sole source contracts for economically 
     disadvantaged small business concerns owned and controlled by 
     women in underrepresented industries.--A contracting officer 
     may award a sole source contract under this subsection to a 
     small business concern owned and controlled by women that 
     meets the requirements under paragraph (2)(A) if--
       ``(A) the small business concern owned and controlled by 
     women is in an industry in which small business concerns 
     owned and controlled by women are underrepresented, as 
     determined by the Administrator;
       ``(B) the contracting officer determines that the small 
     business concern owned and controlled by women is a 
     responsible contractor with respect to performance of the 
     contract opportunity;
       ``(C) the anticipated award price of the contract, 
     including options, is not more than--
       ``(i) $6,500,000, in the case of a contract opportunity 
     assigned a North American Industry Classification System code 
     for manufacturing; or
       ``(ii) $4,000,000, in the case of any other contract 
     opportunity; and
       ``(D) in the estimation of the contracting officer, the 
     contract award can be made at a fair and reasonable price.
       ``(8) Authority for sole source contracts for small 
     business concerns owned and controlled by women in 
     substantially underrepresented industries.--A contracting 
     officer may award a sole source contract under this 
     subsection to a small business concern owned and controlled 
     by women that meets the requirements under paragraph (2)(E) 
     if--
       ``(A) the small business concern owned and controlled by 
     women is in an industry in which small business concerns 
     owned and controlled by women are substantially 
     underrepresented, as determined by the Administrator;
       ``(B) the contracting officer determines that the small 
     business concern owned and controlled by women is a 
     responsible contractor with respect to performance of the 
     contract opportunity;
       ``(C) the anticipated award price of the contract, 
     including options, is not more than--
       ``(i) $6,500,000, in the case of a contract opportunity 
     assigned a North American Industry Classification System code 
     for manufacturing; or
       ``(ii) $4,000,000, in the case of any other contract 
     opportunity; and
       ``(D) in the estimation of the contracting officer, the 
     contract award can be made at a fair and reasonable price.''.
       (b) Reporting on Goals for Sole Source Contracts for Small 
     Business Concerns Owned and Controlled by Women.--Section 
     15(h)(2)(E)(viii) of the Small Business Act (15 U.S.C. 
     644(h)(2)(E)(viii)) is amended--
       (1) in subclause (IV), by striking ``and'' at the end;
       (2) by redesignating subclause (V) as subclause (VIII); and
       (3) by inserting after subclause (IV) the following:

       ``(V) through sole source contracts awarded under section 
     8(m)(7);
       ``(VI) through sole source contracts awarded under section 
     8(m)(8);
       ``(VII) by industry for contracts described in subclause 
     (III), (IV), (V), or (VI); and''.

       (c) Deadline for Report on Underrepresented Industries 
     Accelerated.--Section 29(o)(2) of the Small Business Act (15 
     U.S.C. 656(o)(2)) is amended--
       (1) by striking ``5 years after the date of enactment of 
     this subsection'' and inserting ``January 2, 2015''; and
       (2) by striking ``5-year period'' and inserting ``2-year or 
     5-year period, as applicable,''.
       (d) Technical and Conforming Amendments.--Section 8(m) of 
     the Small Business Act (15 U.S.C. 637(m)) is amended--
       (1) in paragraph (2)(C), by striking ``paragraph (3)'' and 
     inserting ``paragraph (4)''; and
       (2) in paragraph (5), by striking ``paragraph (2)(F)'' each 
     place it appears and inserting ``paragraph (2)(E)''.

     SEC. 9. SMALL BUSINESS INTERMEDIARY LENDING PROGRAM.

       Section 7(l) of the Small Business Act (15 U.S.C. 636(l)) 
     is amended--
       (1) in the subsection heading, by striking ``Pilot'';
       (2) in paragraph (1)(B), by striking ``pilot'';
       (3) in paragraph (2)--
       (A) by striking ``3-year''; and
       (B) by striking ``pilot'';
       (4) in paragraph (4)--
       (A) by striking subparagraph (B) and inserting the 
     following:
       ``(B) Loan limits.--
       ``(i) In general.--No single loan to an eligible 
     intermediary under this subsection may exceed $1,000,000.
       ``(ii) Total amount.--The total amount outstanding and 
     committed to an eligible intermediary by the Administrator 
     under the Program may not exceed $5,000,000.''; and
       (B) by striking subparagraph (G) and inserting the 
     following:
       ``(G) Maximum amounts.--The Administrator may make loans 
     under the Program--
       ``(i) during each of fiscal years 2015, 2016, and 2017, in 
     a total amount of not more than $20,000,000; and
       ``(ii) during fiscal year 2018 and each fiscal year 
     thereafter, using such amounts as are made available for the 
     Program.''; and
       (5) by striking paragraph (6).

[[Page S5142]]

     SEC. 10. ACCESS TO CAPITAL FOR SMALL BUSINESS CONCERNS.

       (a) Microloan Program.--Section 7(m) of the Small Business 
     Act (15 U.S.C. 636(m)) is amended--
       (1) in paragraph (1)(B)(i), by striking ``short-term,'';
       (2) in paragraph (3)(C), by striking ``$5,000,000'' and 
     inserting ``$7,000,000'';
       (3) in paragraph (4)--
       (A) by striking subparagraph (E); and
       (B) by redesignating subparagraph (F) as subparagraph (E);
       (4) in paragraph (6)--
       (A) in subparagraph (A), by striking ``short-term,''; and
       (B) by adding at the end the following:
       ``(F) Report to commercial credit reporting agencies.--The 
     Administrator shall establish a process under which an 
     intermediary that makes a loan to a small business concern 
     under this paragraph shall provide to 1 or more of the 
     commercial credit reporting agencies, through the 
     Administration or independently, including through third 
     party intermediaries, information on the small business 
     concern that is relevant to credit reporting, including the 
     payment activity of the small business concern on the 
     loan.'';
       (5) in paragraph (7)--
       (A) by striking ``Program'' and all that follows through 
     ``Under'' and inserting the following: ``Number of 
     participants.--Under''; and
       (B) by striking subparagraph (B);
       (6) in paragraph (8), by striking ``such intermediaries'' 
     and all the follows through the period at the end and 
     inserting the following: ``intermediaries that serve a 
     diversity of geographic areas in the United States to ensure 
     appropriate availability of loans for small business concerns 
     in all industries that are located in metropolitan, 
     nonmetropolitan, and rural areas.''; and
       (7) in paragraph (11)(B), by striking ``short-term,''.
       (b) Guarantee Fee Waiver.--During fiscal year 2016, the 
     Administrator may not collect a guarantee fee under section 
     7(a)(18)(A)(i) of the Small Business Act (15 U.S.C. 
     636(a)(18)(A)(i)) with respect to a loan guaranteed under 
     section 7(a) of such Act, unless amounts are made available 
     to the Administrator to subsidize the cost of guaranteeing 
     such loans for fiscal year 2016.
       (c) Annual Report.--
       (1) In general.--Not later than 1 year after the date of 
     enactment of this Act, and every year thereafter, the Office 
     of Capital Access of the Administration shall submit to the 
     Committee on Small Business and Entrepreneurship of the 
     Senate and the Committee on Small Business of the House of 
     Representatives a report on assistance provided by the 
     Administration under--
       (A) section 7(a) of the Small Business Act (15 U.S.C. 
     636(a));
       (B) the microloan program;
       (C) part A of title III of the Small Business Investment 
     Act of 1958 (15 U.S.C. 681 et seq.); and
       (D) section 502 of the Small Business Investment Act of 
     1958 (15 U.S.C. 696).
       (2) Requirement.--Each report required under paragraph (1) 
     shall include, for the year preceding the date on which the 
     report is submitted--
       (A) for each type of assistance described under 
     subparagraphs (A), (B), and (D) of paragraph (1)--
       (i) the number of loans made by the Administration;
       (ii) the total amount of loans made by the Administration;
       (iii) the percentage of the number and total amount of 
     loans made by the Administration to--

       (I) rural small business concerns;
       (II) small business concerns owned and controlled by 
     individuals with a disability;
       (III) small business concerns owned and controlled by low-
     income individuals, broken down by each racial or ethnic 
     minority group of which those individuals are members;
       (IV) small business concerns owned and controlled by 
     veterans;
       (V) small business concerns owned and controlled by women; 
     and
       (VI) small business concerns owned and controlled by 
     members of a racial or ethnic minority group, broken down by 
     each such racial or ethnic minority group; and

       (iv) the number of jobs created and retained by borrowers 
     as a result of such assistance; and
       (B) for assistance described under subparagraph (C) of 
     paragraph (1)--
       (i) the number of investments made by small business 
     investment companies;
       (ii) the total amount of equity capital provided and loans 
     made by small business investment companies;
       (iii) the percentage of the number of investments and loans 
     made and total amount of equity capital provided by small 
     business investment companies to--

       (I) rural small business concerns;
       (II) small business concerns owned and controlled by 
     individuals with a disability;
       (III) small business concerns owned and controlled by low-
     income individuals, broken down by each racial or ethnic 
     minority group of which those individuals are members;
       (IV) small business concerns owned and controlled by 
     veterans;
       (V) small business concerns owned and controlled by women; 
     and
       (VI) small business concerns owned and controlled by 
     members of a racial or ethnic minority group, broken down by 
     each such racial or ethnic minority group;

       (iv) the number of jobs created and retained by small 
     business concerns as a result of investments made by small 
     business investment companies; and
       (v) the number of licenses issued by the Administration 
     under section 301(c) of the Small Business Investment Act (15 
     U.S.C. 681(c)), including the percentage of licenses issued 
     to entities headed by a woman or a member of a racial or 
     ethnic minority, respectively.

     SEC. 11. SENSE OF THE SENATE.

       It is the sense of the Senate that--
       (1) access to capital for small business concerns owned and 
     controlled by women comes from a variety of sources, 
     including important contributions and early investments from 
     angel capital and other venture capital investors; and
       (2) those investors should continue to work to develop 
     small business concerns owned and controlled by women to 
     expand the rate at which those women receive venture 
     investment.
                                 ______