Small Business Financing Improvements Act of 2008
Sponsor: NYDIA VELAZQUEZ (D-NY)
Small Business Financing Improvements Act of 2008 - Title I: 7(a) Loan Program - (Sec. 101) Amends the Small Business Act to require trust certificates representing all or a portion of one or more small business loans guaranteed by the Small Business Administration (SBA) to be based on and backed by a trust or pool approved by the SBA Administrator and composed solely of the guaranteed portion of such loan(s). Makes the interest rate on such certificates either: (1) the lowest rate on any loan in the pool; or (2) the weighted average rate of all the pooled loans. (Sec. 102) Directs the SBA to establish an optional loan size standard applicable to both 7(a) (SBA-guaranteed general business loans) borrowers and 504 (loans to small businesses funded by the SBA through certified development companies) borrowers, using net worth and average net income as loan size standards in lieu of industry standards.
Commerce Topic assigned by the Congressional Research Service.
Who won, and how much of the country was behind them
The dotted gap is 12.6% 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 | 374 | 85.9% |
| Nay | Lost | 6 | 1.5% |
| Not represented on this question | No position taken | 0 | 12.6% |