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Major Improvements Proposed to Microloan Program in House Markup

Monday, June 15, 2015  
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June 8 Policy Briefing


Major Improvements Proposed to Microloan Program in House Markup


The House Small Business Committee approved legislation that would modernize the SBA’s Microloan Program. Since women make up the majority of loan recipients under $50,000, updating the program will benefit them.  


Specifically, the Microloan Modernization Act of 2015 (H.R. 2760) increases the microloan intermediary lending limit to $6 million, permits an SBA waiver of the 25/75 rule limit on assistance funding, extends the repayment terms for loans above $10,000 to a 10 year max, and provides an additional ability to offer lines of credit. Two amendments that would have made additional important changes were not adopted by the Committee. Those amendments, as well as a permanent repeal of the 25/75 restriction were including in a Senate version, S. 1445.


The Microloan bill was one of four approved in the markup. Additional legislation included: 1) H.R. 2499, "Veterans Entrepreneurship Act of 2015,” which increases capital access for veteran entrepreneurs by granting SBA loan guarantee fee waivers; 2) H.R. 208, “Superstorm Sandy Relief Act of 2015,” which establishes an SBA loan program that allows a small business located in a major disaster area during Superstorm Sandy to apply for loans that go toward repairing damaged property; and 3) H.R. 1023, “The Small Business Investment Company Capital Act of 2015,” which amends the Small Business Investment Act of 1958 to increase the maximum outstanding leverage threshold from $225 million to $350 million.   



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