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News & Press: WIPP Legislative Updates

House Passes WIPP Access to Capital Priority with Small Business Bills

Monday, July 20, 2015  
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House Passes WIPP Access to Capital Priority with Small Business Bills

The House approved legislation that would modernize the SBA’s Microloan Program, a priority included in WIPP’s recently released access to capital platform, entitled Breaking the Bank. 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) would remove restrictions on lenders who loan up to $50,000. The Senate Small Business Committee is considering a different version of the bill, S. 1445.

The Microloan bill was one of four passed by the House. 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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