S. 1256, The Small Business Lending Reauthorization and Improvements Act of 2007

• This item is from the 110th Congress (2007-2008) and is no longer current. Comments, voting, and wiki editing have been disabled, and the cost/savings estimate has been frozen.

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S. 1256 would amend the Small Business Act to reauthorize loan programs under that Act.

Detailed Summary

Small Business Lending Reauthorization and Improvements Act of 2007 - Amends the Small Business Act and the Small Business Investment Act of 1958 to reauthorize for FY2007-FY2010 various loan programs for small businesses guaranteed by the Small Business Administration (SBA), including: (1) the microloan program; (2) general business loans; (3) certified development company (CDC) financings; (4) the PRIME program; and (5) disaster loans.

Directs the SBA Administrator to establish a microenterprise technical assistance and capacity building grant program to provide training and technical assistance to disadvantaged entrepreneurs and microenterprise development organizations.

Establishes the Small Business Intermediary Lending pilot program under which the Administrator provides direct loans to lending intermediaries for making loans to startup, newly established, and growing small businesses.

Establishes a Preferred Lenders program under which the Administrator may authorize qualified lenders to make and service SBA-guaranteed loans.

Establishes an Office of Minority Small Business Development, administered by the Associate Administrator for Minority Small Business Development.

Increases certain SBA loan limits and lowers certain SBA loan fees.

Renames the SBA's 504 loan program as the Local Development Business Loan program.

Authorizes CDCs to: (1) issue debentures for the guarantee of loans to certain small businesses; and (2) use SBA loan proceeds to assist small, nonprofit child care businesses.

Status of the Legislation

Latest Major Action: 5/16/2007: Senate committee/subcommittee actions. Status: Committee on Small Business and Entrepreneurship. Ordered to be reported with an amendment in the nature of a substitute favorably.

Points in Favor

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Points Against

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