Detailed Summary

Small Business Microloan Modernization Act of 2009 - Amends provisions of the Small Business Act regarding 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: (1) 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); (2) remove the requirement that Microloan loans be short-term only; (3) revise Microloan intermediary eligibility requirements; (4) increase from $7,500 to $10,000 the limit for loans made to intermediaries that will receive a reduced interest rate; (5) increase from 25% to 35% of grant funds received by Microloan intermediaries the amount that may be used to provide information and technical assistance to small businesses that are prospective borrowers; and (6) include disabled entrepreneurs and small business owners under the Microloan program.

Status of the Legislation

Latest Major Action: 3/26/2009: Referred to House committee. Status: Referred to the House Committee on Small Business.

Points in Favor

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Points Against

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