Microloan Improvement Act of 2021
Sponsor: Andy Kim (D-NJ)
Microloan Improvement Act of 2021 This bill revises the microloan program through which the Small Business Administration (SBA) provides, through designated intermediaries, certain financial assistance to small businesses. Specifically, the bill authorizes an intermediary to offer a line of credit to a small business, and it increases the average amount for loans from an intermediary to participating small businesses that makes the intermediary eligible for a reduced interest rate on SBA loans. The bill also places limits on the repayment term for a microloan, and it prohibits the SBA from imposing any additional limitation on the term for repayment of a microloan.
Commerce Topic assigned by the Congressional Research Service.
Who won, and how much of the country was behind them
The dotted gap is 5.1% 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 | 397 | 91.0% |
| Nay | Lost | 16 | 3.9% |
| Not represented on this question | No position taken | 0 | 5.1% |