S. 2487 — Introduced in Senate

II 113th CONGRESS 2d Session S. 2487 IN THE SENATE OF THE UNITED STATES June 18, 2014 Mrs. Fischer (for herself and Mr. Scott) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship A BILL To amend the Small Business Act to increase the maximum loan limits under the microloan program, and for other purposes. 1. Short title This Act may be cited as the Access to Capital, Access to Opportunity Act. 2. Definitions In this Act— (1) the terms Administration and Administrator mean the Small Business Administration and the Administrator thereof, respectively; (2) the term microloan program means the program established under section 7(m) of the Small Business Act (15 U.S.C. 636(m)); and (3) the term small business concern has the meaning given the term under section 3 of the Small Business Act (15 U.S.C. 632). 3. Maximum loan limits under microloan program (a) In general Section 7(m) of the Small Business Act (15 U.S.C. 636(m)) is amended— (1) in paragraph (1)(B)(iii), by striking $50,000 and inserting $100,000; (2) in paragraph (3)(E), by striking $50,000 each place that term appears and inserting $100,000; and (3) in paragraph (11)(B), by striking $50,000 and inserting $100,000. (b) Funding The Administrator may use amounts made available to the Administrator for administrative expenses to carry out the direct and guaranteed loan programs to pay for any costs associated with the amendments made under subsection (a). 4. Adoption of outcome-oriented performance measures Not later than 180 days after the date of enactment of this Act, the Administrator shall develop and adopt outcome-oriented standards to measure the performance of the microloan program, including the recommendations provided in the Office of the Inspector General of the Administration Memorandum ROM–10–10, SBA's Administration of the Microloan Program under the Recovery Act, issued December 28, 2009. 5. Education on the microloan program Section 7(m)(1)(B) of the Small Business Act (15 U.S.C. 636(m)(1)(B)) is amended— (1) in clause (ii), by striking and at the end; (2) in clause (iii), by striking the period at the end and inserting ; and; and (3) by adding at the end the following: (iv) to educate individuals, including owners and operators of small business concerns and aspiring entrepreneurs, about the microloan program. .