,i  #aagth ,,congress  #ast ,session    
,h4 ,r4 #aejb  ,,in ,,the ,,house ,,of  
,,representatives  ,march #b1 #bjba,mr4 
,kim of ,new ,jersey 7for himself1 ,mr4 
,garbarino1 ,ms4 ,newman1 and ,mr4      
,burchett7 introduced the following     
bill2 which was referred to the         
,committee on ,small ,business  ,a      
,,bill  ,to amend the ,small ,business  
,act to optimize the operations of the  
microloan program1 lower costs for small
 business concerns and intermediary     
participants in the program1 and for    
other purposes4  #a4 ,short title ,this 
,act may be cited as the ,microloan     
,improvement ,act of #bjba4  #b4        
,interest rate for certain              
intermediaries ,section                 
#g7m77#c77;,f77iii7 of the ,small       
,business ,act 7#ae ,u4,s4,c4           
#fcf7m77#c77;,f77iii77 is amended by    
striking #g1ejj and inserting #aj1jjj4  
#c4 ,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 fixed rate loans4  #d4 
,extended repayment terms  7a7 ,in      
general ,section #g7m77#f7 of the ,small
 ,business ,act 7#ae ,u4,s4,c4          
#fcf7m77#f77 is amended by adding at the
 end the following3  7,f7 ,repayment    
terms  7i7 ,limitation on repayments    
term ,the repayment term for a loan made
 under this paragraph shall not be more 
than-- 7,i7 in the case of a loan made  
by an intermediary of #aj1jjj or less1  
#g years2 and  7,,ii7 in the case of a  
loan made by an intermediary of greater 
than #aj1jjj1 #aj years4  7ii7 ,no      
additional limitations ,the             
,administrator may not impose any       
additional limitation on the term for   
repayment of a loan made by an          
intermediary under this paragraph4  4   
7b7 ,technical amendment ,section       
#cbi7;c7 of the ,economic ,aid to       
,hard-,hit ,small ,businesses1          
,nonprofits1 and ,venues ,act 7,public  
,law #aaf-bfj2 #acd ,stat4 #bjdb #ae    

,u4,s4,c4 #fcf note7 is repealed4  #e4  
,program funding for microloans  7a7 ,in
 general ,section #g7m7 of the ,small   
,business ,act 7#ae ,u4,s4,c4 #fcf7m77  
is amended-- 7#a7 in paragraph          
7#g77;,b7-- 7,a7 by amending clause 7i7 
to read as follows3  7i7 ,allocation    
,subject to the availability of         
appropriations and for the first #b     
quarters of a fiscal year1 of the total 
amount of new loan funds made available 
for award under this subsection in such 
fiscal year1 the ,administrator shall-- 
7,i7 reserve #ae percent of such funds  
for award to designated underutilized   
,states2 and  7,,ii7 make the remaining 
#he percent of such funds available for 
award in any ,state4  2 and  7,b7 in    
clause 7ii71 by striking to carry out   
and all that follows through the period 
at the end and inserting the following3 
under clause 7i77,i7 remains unexpended1
 the ,administrator may make that       
portion available for award in any      
,state or designated underutilized      

,state42 and  7#b7 in paragraph 7#aa7-- 
7,a7 in subparagraph 7,c77ii71 by       
striking and at the end2  7,b7 in       
subparagraph 7,d71 by striking the      
period at the end and inserting 2 and2  
and  7,c7 by adding at the end the      
following new subparagraph3  7,e7 the   
term ,state means each of the several   
,states1 the ,district of ,columbia1 the
 ,commonwealth of ,puerto ,rico1 the    
,united ,states ,virgin ,islands1 ,guam1
 the ,northern ,mariana ,islands1 and   
,american ,samoa4  4  7b7 ,rulemaking   
,not later than #ahj days after the date
 of the enactment of this ,act1 the     
,administrator of the ,small ,business  
,administration shall issue regulations 
to define the term designated           
underutilized ,state1 as used in section
 #g7m77#g77;,b7 of the ,small ,business 
,act 7#ae ,u4,s4,c4 #fcf7m77#g77;,b771  
as added by this section4  #f4 ,credit  
reporting information ,the              
,administrator of the ,small ,business  
,administration shall issue rules       

establishing a process under which an   
intermediary that makes a loan to a     
borrower under section #g7m7 of the     
,small ,business ,act 7#ae ,u4,s4,c4    
#fcf7m77 shall be required to provide   
the major credit reporting agencies with
 information about the borrower relevant
 to credit reporting1 such as the       
borrower's payment activity on the loan4
  #g4 ,report regarding equitable       
distribution ,section #g7m77#h7 of the  
,small ,business ,act 7#ae ,u4,s4,c4    
#fcf7m77#h77 is amended-- 7#a7 by       
striking ,in approving and inserting the
 following3  7,a7 ,in general ,in       
approving  2 and  7#b7 by adding at the 
end the following3  7,b7 ,annual report 
,the ,administrator shall include in the
 report submitted under paragraph 7#aj71
 and make publicly available on the     
website of the ,administration1         
information on how the ,administration  
has met the requirements of subparagraph
 7,a74  4