Access to Capital, Access to Opportunity Act

S. 2487 · 113th Congress · Jun 18, 2014 · Lineage

A BILL

To amend the Small Business Act to increase the maximum loan limits under the microloan program, and for other purposes.

Section 1 Short title

This Act may be cited as the “Access to Capital, Access to Opportunity Act”.

Sec. 2 Definitions

In this Act—

(1)

the terms Administration and Administrator mean the Small Business Administration and the Administrator thereof, respectively;

(2)

the term microloan program means the program established under section 7(m) of the Small Business Act (15 U.S.C. 636(m)); and

(3)

the term small business concern has the meaning given the term under section 3 of the Small Business Act (15 U.S.C. 632).

Sec. 3 Maximum loan limits under microloan program

(a)

In general— Section 7(m) of the Small Business Act (15 U.S.C. 636(m)) is amended—

(1)

in paragraph (1)(B)(iii), by striking “$50,000” and inserting “$100,000”;

(2)

in paragraph (3)(E), by striking “$50,000” each place that term appears and inserting “$100,000”; and

(3)

in paragraph (11)(B), by striking “$50,000” and inserting “$100,000”.

(b)

Funding— The Administrator may use amounts made available to the Administrator for administrative expenses to carry out the direct and guaranteed loan programs to pay for any costs associated with the amendments made under subsection (a).

Sec. 4 Adoption of outcome-oriented performance measures

Not later than 180 days after the date of enactment of this Act, the Administrator shall develop and adopt outcome-oriented standards to measure the performance of the microloan program, including the recommendations provided in the Office of the Inspector General of the Administration Memorandum ROM–10–10, SBA's Administration of the Microloan Program under the Recovery Act, issued December 28, 2009.

Sec. 5 Education on the microloan program

Section 7(m)(1)(B) of the Small Business Act (15 U.S.C. 636(m)(1)(B)) is amended—

(1)

in clause (ii), by striking “and” at the end;

(2)

in clause (iii), by striking the period at the end and inserting “; and”; and

(3)

by adding at the end the following:

“(iv) to educate individuals, including owners and operators of small business concerns and aspiring entrepreneurs, about the microloan program.”