Microloan Amendments and Modernization Act
Sponsor: STEVE CHABOT (R-OH)
Microloan Amendments and Modernization Act - Title I: Microloan - (Sec. 101) Amends the Small Business Act with regard to the Microloan program (a program administered by the Small Business Administration [SBA] to provide small-scale loans to startup, newly established, or growing small businesses for working capital or the acquisition of materials, supplies, or equipment) to require the SBA Administrator to establish a process under which a lender provides to the major credit reporting agencies information about the borrower that is relevant to credit reporting (such as loan payment activity). (Sec. 102) Removes the requirement that Microloan loans be short-term only. (Sec. 103) Requires Microloan loan intermediaries to have one full-time employee who has at least three years experience making microloans.
Commerce Topic assigned by the Congressional Research Service.
Who won, and how much of the country was behind them
The dotted gap is 10.1% of U.S. adults whose member did not vote, voted “present,” or whose seat was vacant.
| Side | Outcome | Votes | Share of U.S. adults |
|---|---|---|---|
| Yea | Won | 385 | 88.6% |
| Nay | Lost | 5 | 1.3% |
| Not represented on this question | No position taken | 0 | 10.1% |