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![handle is hein.congrecreports/crptxacdy0001 and id is 1 raw text is: AUT-ENTICATED
U.S.GOVERNMENT
INFORMATION
115TH CONGRESS REPORT
2d Session JSENATE 115-452
MICROLOAN MODERNIZATION ACT OF 2018
DECEMBER 20, 2018.-Ordered to be printed
Mr. RISCH, from the Committee on Small Business and
Entrepreneurship, submitted the following
REPORT
[To accompany S. 526]
[Including cost estimate of the Congressional Budget Office]
The Committee on Small Business and Entrepreneurship, to
which was referred the bill (S. 526) to amend the Small Business
Act to provide for expanded participation in the microloan program,
and for other purposes, having considered the same, reports favor-
ably thereon with an amendment in the nature of a substitute and
recommends that the bill, as amended, do pass.
I. INTRODUCTION
The Microloan Modernization Act of 2018 (S. 526), was intro-
duced by Senator Deb Fischer for herself, Senator Christopher A.
Coons, Senator Tim Scott, and Senator Kirsten E. Gillibrand on
March 2, 2017. The bill's cosponsors include Senator Jeanne Sha-
heen, Senator Gary C. Peters, Senator Joe Donnelly, and Senator
Tammy Duckworth.
This bill, as introduced, increased the lending limit for microloan
intermediaries from $5 million to $6 million, and repealed two
rules regarding the use of technical assistance (TA) funding by
microloan intermediaries. The 25/75 Rule, which limits inter-
mediary lenders to using not more than 25 percent of their mar-
keting, management, and technical assistance funds on prospective
borrowers, and the third-party rule, which limits intermediaries
to using not more than 25 percent of their TA funds to contract
with third parties to provide TA they cannot provide directly. The
bill also directs the Small Business Administration (SBA) and Gov-
ernment Accountability Office (GAO) to issue reports to Congress
on microenterprise participation in the program and microloan
intermediary practices, respectively.
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