Section 1 Short title
This Act may be cited as the “Loans In Our Neighborhoods Act of 2024” or the “LIONs Act of 2024”.
Loans In Our Neighborhoods Act of 2024
A BILL
To amend the Small Business Act to increase the maximum loan amount for a loan made under section 7(a) of such Act.
Sec. 2 Maximum loan amount for a 7(a) loan
Section 7(a)(3)(A) of the Small Business Act (15 U.S.C. 636(a)(3)(A)) is amended by striking “$3,750,000 (or if the gross loan amount would exceed $5,000,000)” and inserting “$7,500,000 (or if the gross loan amount would exceed $10,000,000)”.