,i #aacth ,,congress #ast ,session ,h4 ,r4 #bdgd ,,in ,,the ,,house ,,of ,,representatives ,june #bj1 #bjac ,mr4 ,richmond 7for himself1 ,ms4 ,brown of ,florida1 ,ms4 ,jackson ,lee1 ,mr4 ,payne1 ,mr4 ,crdenas1 ,mr4 ,rush1 ,mr4 ,carson of ,indiana1 ,mr4 ,enyart1 ,mr4 ,thompson of ,mississippi1 ,ms4 ,chu1 ,mr4 ,clay1 ,mr4 ,lewis1 and ,ms4 ,clarke7 introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committees on ,small ,business and ,education and the ,workforce1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to transfer funds to the ,community ,development ,financial ,institutions ,fund to increase the availability of credit for small businesses1 to improve the microenterprise technical assistance and capacity building grant program1 to establish an ,office of ,youth ,entrepreneurship in the ,small ,business ,administration1 and for other purposes4 #a4 ,short title ,this ,act may be cited as the ,community ,lending and ,small ,business ,jobs ,act of #bjac4 ,i ,small ,business ,leg-,up ,act of #bjac #aja4 ,short title ,this title may be cited as the ,small ,business ,lending to ,entrepreneurs for ,growth in ,underserved ,populations ,act of #bjac or the ,small ,business ,leg-,up ,act of #bjac4 #ajb4 ,findings ,the ,congress finds the following3 7#a7 ,families and small businesses in under-served areas have for generations been unable to access affordable credit4 7#b7 ,the financial crisis of #bjjh only served to exacerbate efforts by entrepreneurs to access capital for the purpose of creating jobs and improving economic outcomes in the community4 7#c7 ,small business investments revitalize communities by creating jobs but also contributing to the local tax base1 which helps finance investments in schools1 hospitals1 infrastructure1 and public safety4 7#d7 ,the ,community ,development ,financial ,institutions ,fund is well placed to make careful1 targeted investments in community development financial institutions for the purposes of improving economic outcomes for underserved families across ,america4 7#e7 ,providing the ,community ,development ,financial ,institutions ,fund with a robust capital infusion will make efficient use of taxpayer dollars1 by leveraging ,federal investment for the purpose of small business lending4 #ajc4 ,transfer of ,funds from ,small ,business ,lending ,fund to the ,,cdfi ,fund 7a7 ,unobligated funds ,on the date of the expiration of the investment authority described under section #daji7;a7 of the ,small ,business ,jobs ,act of #bjaj1 the ,secretary shall transfer all unobligated funds in the ,small ,business ,lending ,fund to the ,community ,development ,financial ,institutions ,fund4 7b7 ,proceeds ,section #dajc7;b77#c7 of the ,small ,business ,jobs ,act of #bjaj is amended to read as follows3 7#c7 ,proceeds transferred to ,,cdfi ,fund ,all funds received by the ,secretary in connection with purchases made pursuant to paragraph 7#a71 including principal1 interest payments1 dividend payments1 and proceeds from the sale of any financial instrument1 shall be transferred to the ,community ,development ,financial ,institutions ,fund4 4 #ajd4 ,small ,business ,capital ,investment ,program 7a7 ,in general ,the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid is amended by inserting after section #ajh the following3 #ajh;,a4 ,small ,business ,capital ,investment ,program to increase credit availability for small businesses 7a7 ,small ,business ,revolving ,loan ,program 7#a7 ,in general ,using amounts described under subsection 7b71 the ,administrator shall carry out a ,small ,business ,capital ,investment ,program 7,program7 to make capital investments in eligible community development financial institutions in order to increase the availability of credit for small businesses4 7#b7 ,structure of the ,program ,to the extent practicable1 the ,administrator shall carry out the ,program in the same manner as the ,small ,business ,lending ,fund ,program authorized under section #dajc7;a77#b7 of the ,small ,business ,jobs ,act of #bjaj1 except that-- 7,a7 all funds received by the ,administrator in connection with purchases made under the ,program1 including principal1 interest payments1 dividend payments1 and proceeds from the sale of any financial instrument1 shall be deposited into the ,fund2 7,b7 eligible community development financial institutions may apply to receive a capital investment from the ,fund in an amount not exceeding #aj percent of total assets1 or such other percentage as the ,administrator determines to be appropriate2 and 7,c7 the authority to make capital investments in eligible community development financial institutions shall continue so long as amounts described under subsection 7b7 are available to make such investments4 7b7 ,funding 7#a7 ,in general ,notwithstanding any other provision of this ,act1 amounts deposited into the ,fund pursuant to section #d7;a7 of the ,small ,business ,leg-,up ,act of #bjac1 section #dajc7;b77#c7 of the ,small ,business ,jobs ,act of #bjaj1 or subsection 7a77#b77;,a7 shall only be available to carry out the ,program established under subsection 7a74 7#b7 ,administration costs ,interest payments received under subsection 7a77#b77;,a7 may be used to pay for the administrative costs of carrying out the ,program4 7#c7 ,authorization of appropriations ,there is authorized to be appropriated to the ,administrator #d1jjj1jjj to carry out the ,program4 7c7 ,rulemaking ,the ,administrator may issue such regulations as the ,administrator determines to be appropriate to carry out this section4 7d7 ,eligible community development financial institution defined ,for purposes of this section1 the term eligible community development financial institution means a community development financial institution with assets of #aj1jjj1jjj1jjj or less1 as reported in audited financial statements4 4 7b7 ,technical amendment ,the table of contents for the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid is amended by inserting after the item relating to section #ajh the following new item3 ,sec4 #ajh;,a4 ,small ,business ,capital ,investment ,program to increase credit availability for small businesses4 4 ,,ii ,microenterprise and ,youth ,entrepreneurship ,development ,act of #bjac #bja4 ,short title ,this title may be cited as the ,microenterprise and ,youth ,entrepreneurship ,development ,act of #bjac4 #bjb4 ,microenterprise ,technical ,assistance and ,capacity ,building ,program 7a7 ,definitions ,section #agb7e7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ae ,u4,s4,c4 #fija7e77 is amended-- 7#a7 in subparagraph 7,b7 by striking or at the end2 7#b7 in subparagraph 7,c7 by striking the period at the end and inserting 2 or2 and 7#c7 by adding at the end the following3 7,d7 an entrepreneur that operates a business or intends to operate a business in an investment area 7as such term is defined in section #ajc7af7 of this ,act74 4 7b7 ,uses of assistance ,section #agd of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ae ,u4,s4,c4 #fijc7 is amended-- 7#a7 in paragraph 7#c7 by striking and at the end2 7#b7 by redesignating paragraph 7#d7 as paragraph 7#e72 and 7#c7 by inserting after paragraph 7#c7 the following3 7#d7 to advertise in print1 electronic1 and other media the training and technical assistance provided under paragraph 7#a72 and 4 7c7 ,targeted assistance ,section #agf7;b7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ae ,u4,s4,c4 #fije7;b77 is amended by striking #ej percent and inserting #fj percent4 7d7 ,matching requirements ,section #agg7;c7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ae ,u4,s4,c4 #fijf7;c77 is amended by adding at the end the following3 7#c7 ,consideration ,in determining whether to reduce or eliminate matching requirements under paragraph 7#a71 the ,administrator shall consider the impact of the economic crisis of #bjjg through #bjji on the geographic area in which an applicant operates4 4 7e7 ,report ,not later than #ahj days after the date of enactment of this ,act1 the ,administrator of the ,small ,business ,administration shall submit to the ,committee on ,small ,business of the ,house of ,representatives and the ,committee on ,small ,business and ,entrepreneurship of the ,senate a report describing recommendations for improving the application and grant making process of the microenterprise technical assistance and capacity building grant program 7carried out under subtitle ,c of title ,i of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid71 including recommendations1 developed in consultation with stakeholders1 for streamlining the application and grant making process of that program4 7f7 ,microenterprise coordinator 7#a7 ,establishment ,not later than #a year after the date of enactment of this ,act1 the ,administrator shall establish in the ,small ,business ,administration the position of ,microenterprise ,coordinator4 7#b7 ,duties ,the ,microenterprise ,coordinator shall-- 7,a7 work to ensure that the contributions of microenterprises to the economy are maximized2 7,b7 work to enhance1 support1 and coordinate the programs of the ,federal ,government providing assistance to microenterprises1 including ,federal technical assistance programs2 7,c7 work to ensure that underserved entrepreneurs are included in the programs of the ,federal ,government providing assistance to microenterprises2 7,d7 make available to the public annually a comprehensive list and description of each ,federal program that provides assistance to microenterprises2 and 7,e7 encourage public-private partnerships that support entrepreneurship4 7#c7 ,microenterprise defined ,in this subsection1 the term microenterprise has the meaning given that term in section #agb7aj7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ae ,u4,s4,c4 #fija7aj774 #bjc4 ,office of ,youth ,entrepreneurship 7a7 ,establishment ,not later than #a year after the date of enactment of this ,act1 the ,administrator of the ,small ,business ,administration shall establish an ,office of ,youth ,entrepreneurship 7in this section referred to as the ,office7 in the ,small ,business ,administration4 7b7 ,director ,the ,administrator shall appoint a ,director of ,youth ,entrepreneurship 7in this section referred to as the ,director7 to serve as the head of the ,office4 7c7 ,duties ,the ,director shall-- 7#a7 carry out the youth entrepreneurship technical assistance grant program described in subsection 7d72 7#b7 carry out the youth entrepreneurship curriculum grant program described in subsection 7e72 7#c7 promote the growth of youth entrepreneurship by establishing public-private partnerships and carrying out advertising campaigns2 7#d7 sponsor and support ,state and national youth entrepreneurship competitions that raise awareness of the importance of small business development2 7#e7 study and promote ,federal activities that support entrepreneurship education2 and 7#f7 support the establishment of public and private youth entrepreneurship education and mentoring opportunities4 7d7 ,youth entrepreneurship technical assistance grant program ,the ,director shall establish a program under which the ,director may make grants to assist entities1 including nonprofit microenterprise development organizations1 to provide individuals under #be years of age with technical assistance related to entrepreneurship4 7e7 ,youth entrepreneurship curriculum grant program 7#a7 ,in general ,the ,director shall establish a program under which the ,director may make grants to a covered entity to assist the development1 improvement1 or implementation of a youth entrepreneurship curriculum that includes information on the topics of-- 7,a7 securing capital and borrowing2 7,b7 business plan conception and drafting2 7,c7 accounting2 7,d7 management2 and 7,e7 marketing4 7#b7 ,application process ,to be eligible for a grant described in paragraph 7#a71 a covered entity shall submit to the ,director an application at such time1 in such manner1 and containing such information as the ,director may require1 except that the application shall include at least-- 7,a7 a description of the curriculum to be developed1 improved1 or implemented2 7,b7 a description of how grant funds will be used2 7,c7 a description of goals relating to the use of grant funds and the curriculum to be developed1 improved1 or implemented2 and 7,d7 a description of how progress will be measured with respect to the goals described in subparagraph 7,c74 7#c7 ,covered entity defined ,in this subsection1 the term covered entity means a local educational agency in any of the several ,states1 the ,district of ,columbia1 or a territory or possession of the ,united ,states and a local educational agency of a federally recognized ,indian tribe4 7f7 ,investment areas 7#a7 ,in general ,the ,director shall ensure that at least #be percent of the amounts made available to carry out the ,office each fiscal year are used to assist youth in investment areas4 7#b7 ,investment area defined ,in this subsection1 the term investment area has the meaning given that term in section #ajc7af7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgjb7af774 7g7 ,student loan assistance ,not later than #ahj days after the date of enactment of this ,act1 the ,director1 in consultation with the ,secretary of ,education1 shall submit to ,congress a report that includes detailed recommendations for legislation-- 7#a7 establishing a program to forgive student loans in a manner that assists youth entrepreneurship by making available capital for business formation2 and 7#b7 establishing a program to defer student loan repayments in a manner that assists youth entrepreneurship by making available capital for business formation4 #bjd4 ,,gao study and report 7a7 ,study ,the ,comptroller ,general of the ,united ,states shall conduct a study on-- 7#a7 the economic impact of allowing youth entrepreneurs to defer student loan repayments to make available capital for business formation2 7#b7 the economic impact of increasing the participation of individuals under #be years of age in the microloan program of the ,small ,business ,administration 7carried out under section #g7m7 of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcf7m771 notwithstanding the limited collateral and formal business experience of such individuals2 7#c7 alternative methods for measuring creditworthiness that may assist youth entrepreneurship2 and 7#d7 actions ,congress should consider to promote youth entrepreneurship4 7b7 ,report ,not later than #ahj days after the date of enactment of this ,act1 the ,comptroller ,general shall submit to the ,committee on ,small ,business of the ,house of ,representatives and the ,committee on ,small ,business and ,entrepreneurship of the ,senate a report on the results of the study conducted under subsection 7a74