Decided Apr 17, 2002
Bill Sponsorship: the Microloan Program Improvement Act
Source: Bill sponsored by 19 Senators
Amends provisions of the Small Business Act concerning the Microloan program (a program of start-up loans to small businesses) to:
remove the requirement that such loans be short-term;
allow up to 35 (currently 25) percent of grant funds made to intermediaries to be used to provide technical assistance to small businesses that are prospective borrowers under the program; and
authorize the Administrator of the Small Business Administration to use up to $1 million of the annual appropriations for technical assistance grants to subcontract with one or more national trade associations of eligible intermediaries or other knowledgeable entities to provide peer-to-peer capacity building and training to lenders and organizations seeking to become lenders under the program.