,,ii  #aadth ,,congress  #ast ,session  
,s4 #aheg  ,,in ,,the ,,senate ,,of     
,,the ,,united ,,states  ,july #bc1     
#bjae,mrs4 ,fischer 7for herself1 ,ms4  
,ayotte1 and ,mr4 ,scott7 introduced the
 following bill2 which was read twice   
and referred to the ,committee on ,small
 ,business and ,entrepreneurship  ,a    
,,bill  ,to amend the ,small ,business  
,act to provide for expanded            
participation in the microloan program1 
and for other purposes4  #a4 ,short     
title ,this ,act may be cited as the    
,microloan ,modernization ,act of #bjae4
  #b4 ,definitions ,in this ,act--  7#a7
 the term intermediary has the meaning  
given that term in section #g7m77#aa7 of
 the ,small ,business ,act 7#ae         
,u4,s4,c4 #fcf7m77#aa772 and  7#b7 the  
term microloan program means the program
 established under section #g7m7 of the 
,small ,business ,act 7#ae ,u4,s4,c4    
#fcf7m774  #c4 ,microloan intermediary  
lending limit increased ,section        
#g7m77#c77;,c7 of the ,small ,business  

,act 7#ae ,u4,s4,c4 #fcf7m77#c77;,c77 is
 amended by striking #e1jjj1jjj and     
inserting #f1jjj1jjj4  #d4 ,waivers of  
#be_/ge rule ,section #g7m77#d77;,e7 of 
the ,small ,business ,act 7#ae ,u4,s4,c4
 #fcf7m77#d77;,e77 is amended by adding 
at the end the following3  7iii7 ,waiver
  7,i7 ,in general ,the ,administrator  
shall by rule1 after a notice and       
comment period of not less than #fj     
days1 establish a process by which an   
intermediary may apply for and the      
,administrator may grant a waiver from  
the requirements of clause 7i74  7,,ii7 
,contents ,the rule required under      
subclause 7,i7 shall-- 7aa7 require any 
applicant for a waiver to-- 7,,aa7      
specify how the applicant will use the  
additional technical assistance2 and    
7,,bb7 provide assurance1 in a form     
provided for by the ,administrator in   
the rule1 that the intermediary will    
have sufficient funds to provide        
technical assistance to all borrowers of
 the intermediary2 and  7bb7 incorporate

 any delegation of the authority of the 
,administrator to approve waivers to any
 appropriate subsidiary official4  4    
#e4 ,lines of credit authorized ,section
 #g7m77#f77;,a7 of the ,small ,business 
,act 7#ae ,u4,s4,c4 #fcf7m77#f77;,a77 is
 amended by inserting 7including lines  
of credit7 after short-term4  #f4       
,extended repayment terms ,section      
#g7m77#f7 of the ,small ,business ,act  
7#ae ,u4,s4,c4 #fcf7m77#f77 is amended  
by adding at the end the following34    
7,f7 ,repayment terms for loans to small
 businesses ,the ,administrator may not 
impose limitations on the term for      
repayment of a loan made by an          
intermediary to a small business concern
 or entrepreneur1 except that--  7i7 in 
the case of a loan made by an           
intermediary of not more than #aj1jjj1  
the repayment term shall be not more    
than #f years2 and  7ii7 in the case of 
a loan made by an intermediary of more  
than #aj1jjj1 the repayment term shall  
be not more than #aj years4  4  #g4     

,,gao study of microenterprise          
participation ,not later than #abj days 
after the date of enactment of this     
,act1 the ,comptroller ,general of the  
,united ,states shall conduct a study   
and submit to the ,committee on ,small  
,business and ,entrepreneurship of the  
,senate and the ,committee on ,small    
,business of the ,house of              
,representatives a report on--  7#a7 the
 operations 7including services         
provided1 structure1 size1 and area of  
operation7 of a representative sample   
of--  7,a7 intermediaries that are      
eligible to participate in the microloan
 program and that do participate2 and   
7,b7 intermediaries 7including those    
operated for profit1 operated as        
non-profits1 and those affiliated with a
 ,united ,states institution of higher  
learning7 that are eligible to          
participate in the microloan program and
 that do not participate2  7#b7 the     
reasons why intermediaries described in 
paragraph 7#a77;,b7 choose not to       

participate in the microloan program2   
7#c7 recommendations on how to encourage
 increased participation in the         
microloan program by intermediaries     
described in paragraph 7#a77;,b72 and   
7#d7 recommendations on how to decrease 
the costs associated with participation 
in the microloan program for eligible   
intermediaries4