Sec. 853. Increased participation in the Small Business Administration microloan program
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/bill/115/hr/5515/eh/section-853·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
In this section— the term intermediary has the meaning given that term in section 7(m)(11) of the Small Business Act ( 15 U.S.C. 636(m)(11) ); and the term microloan program means the program established under section 7(m) of the Small Business Act ( 15 U.S.C. 636(m) ). Section 7(m)(3)(C) of the Small Business Act ( 15 U.S.C. 636(m)(3)(C) ) is amended by striking $5,000,000 and inserting $6,000,000 . Section 7(m)(4)(E) of the Small Business Act ( 15 U.S.C. 636(m)(4)(E) ) is amended by striking 25 percent each place such term appears and inserting 50 percent .
Not later than 1 year after the date of enactment of this section, the Administrator of the Small Business Administration shall conduct a study and 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— the operations (including services provided, structure, size, and area of operation) of a representative sample of— intermediaries that are eligible to participate in the microloan program and that do participate; and intermediaries that are eligible to participate in the microloan program and that do not participate; the reasons why eligible intermediaries described in paragraph (1)(B) choose not to participate in the microloan program; recommendations on how to encourage increased participation in the microloan program by eligible intermediaries described in paragraph (1)(B); and recommendations on how to decrease the costs associated with participation in the microloan program for eligible intermediaries.
Not later than 1 year after the date of enactment of this section, the Comptroller General of the United States 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 evaluating— oversight of the microloan program by the Small Business Administration, including oversight of intermediaries participating in the microloan program; and the specific processes used by the Small Business Administration to ensure— compliance by intermediaries participating in the microloan program; and the overall performance of the microloan program.
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Sec. 853
Increased participation in the Small Business Administration microloan program
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