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S. Rept. 114-301 1 (2016-07-13)

handle is hein.congrecreports/crptxsje0001 and id is 1 raw text is: AUT-ENTICATED US. GOVERNMENT INFORMATION GP Calendar No. 485 114TH CONGRESS S REPORT 2d Session SENATE 114-301 MICROLOAN PROGRAM MODERNIZATION ACT OF 2016 JULY 13, 2016.-Ordered to be printed Mr. VITTER, from the Committee on Small Business and Enterpreneurship, submitted the following REPORT [To accompany S. 2850] The Committee on Small Business and Entrepreneurship, to which was referred the bill (S. 2850) 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 amendments and recommends that the bill, as amended, do pass. I. INTRODUCTION The Microloan Program Modernization Act (S. 2850) was intro- duced by Senator Deb Fischer on April 26, 2016, with Committee members Kelly Ayotte, Tim Scott, Christopher Coons, Jeanne Sha- heen and Gary Peters as cosponsors. The Act would provide for ex- panded access to the Small Business Administration's (SBA) microloan program. During the markup of the bill, the bill was ap- proved by roll call vote, without amendment. II. HISTORY (PURPOSE & NEED FOR LEGISLATION) The SBA Microloan Program provides credit for entrepreneurs who do not otherwise have access to credit of any kind, primarily assisting low-income individuals with extremely-limited financial and other resources needed to establish a small business. While Congress authorized a demonstration program to provide microloans in 1991, the Microloan Program did not receive perma- nent authorization until 1997. The program operates through SBA designated microloan inter- mediaries. The SBA makes loans at below market rates to the intermediaries who then in turn make loans of up to $50,000 to 59-010

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