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S. Rept. 114-268 1 (2016-05-26)

handle is hein.congrecreports/crptxshs0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP Calendar No. 111 114TH CONGRESS REPORT 2d Session SENATE 114-268 THE SMALL BUSINESS LENDING REAUTHORIZATION ACT OF 2015 MAY 26, 2016.-Ordered to be printed Mr. VITTER, from the Committee on Small Business and Entrepreneurship submitted the following REPORT [To accompany S. 1001] The Committee on Small Business and Entrepreneurship, to which was referred the bill (S. 1001) to establish authorization lev- els for general business loans for fiscal years 2015 and 2016, hav- ing considered the same, reports favorably thereon without amend- ment and recommends that the bill do pass. I. INTRODUCTION The Small Business Lending Reauthorization Act of 2015 (S. 1001) was introduced by Senator James Risch, with original co- sponsorship from Senators Ayotte, Coons, Gardner, Hirono, Peters, and Shaheen, on April 16, 2015. The Small Business Lending Reauthorization Act of 2015 in- creases the Small Business Administration's (SBA) 7(a) Loan Pro- gram authorization level to $20.5 billion in fiscal year 2015 and $23.5 billion in fiscal year 2016. During the markup of the bill, the bill was approved unani- mously by voice vote. II. HISTORY (PURPOSE & NEED FOR LEGISLATION) The 7(a) Program's loans are made by SBA partners (mostly banks but also some other financial institutions) and partially guaranteed by the SBA. As such, taxpayer funds are only used in the event of borrower default. This reduces the risk to the lender but not to the borrower, who remains obligated for the full debt, even in the event of default. 59-010

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