SBA Reauthorization and Improvement Act of 2008

A bill to reauthorize and improve the financing and entrepreneurial development programs of the Small Business Administration, and for other purposes.

4/24/2008--Introduced.
SBA Reauthorization and Improvement Act of 2008 - Amends the Small Business Act (the Act) to reauthorize for FY2008-FY2010 certain small business assistance programs of the Small Business Administration (SBA), including:
(1) the microloan program (loans made to very small businesses for start-up, expansion, or equipment);
(2) section 7(a) loans (SBA-guaranteed general business loans);
(3) certified development company (CDC) financings;
(4) assistance to small businesses affected by a Department of Defense base closure or realignment or the termination of a defense contract or subcontract;
(5) the Program for Investment in Microentrepreneurs (PRIME); and
(6) small business disaster loans. Revises or adds provisions concerning the microloan program, including:
(1) increased loan amounts; and
(2) making eligible under such program persons with disabilities. Transfers the PRIME Program from the Riegle Community Development and Regulatory Improvement Act of 1994 to the Act. Establishes the Small Business Intermediary Lending Pilot Program under which the SBA Administrator provides loans to loan intermediaries, who then make loans to startup, newly established, and growing small businesses. Revises or adds provisions concerning the 7(a) loan program, including:
(1) establishing a Preferred Lenders Program under which the Administrator may authorize qualified lenders to make and service small business loans;
(2) increasing maximum loan amounts and expanding loan eligibility;
(3) authority for an alternative loan size standard and a variable loan interest rate;
(4) establishing an Office of Minority Small Business Development;
(5) increasing small business international trade loans; and
(6) requiring a rural lending outreach program. Amends the Small Business Investment Act of 1958 to revise or add provisions concerning CDCs, including:
(1) replacing the term "504 loan program" with "local development business loan program";
(2) loan foreclosure and liquidation;
(3) adding as an eligible purpose the expansion of businesses in low-income communities;
(4) allowing CDC financings to include a limited amount of debt refinancing;
(5) repealing the sunset on reserve requirements for premier certified lenders;
(6) allowing development companies to issue debentures for the financing of loans;
(7) allowing CDCs to provide loans to small, nonprofit child care businesses; and
(8) requiring (in some cases) or authorizing CDCs to utilize real estate appraisals in connection with loans. Revises or adds provisions concerning the Small Business Investment Company program, including:
(1) reauthorization through FY2010;
(2) increased outstanding leverage amounts; and
(3) increased maximum investment in a single company. Revises or adds provisions concerning the New Markets Venture Capital Program, including:
(1) a goal of selecting at least one participating company from each SBA region;
(2) establishing the Office of New Markets Venture Capital; and
(3) the use of operational assistance grants. Reauthorizes through FY2010 the:
(1) Service Corps of Retired Executives (SCORE) program;
(2) small business development center program; and
(3) Paul D. Coverdell drug-free workplace program. Revises or adds provisions concerning women's small business ownership. Establishes an Associate Administrator for International Trade. Native American Small Business Development Act of 2008 - Establishes:
(1) the Office of Native American Affairs;
(2) a Native American small business development program;
(3) a Native American development grant pilot program; and
(4) an American Indian tribal assistance center grant pilot program. National Small Business Regulatory Assistance Act of 2008 - Establishes a:
(1) small business regulatory assistance pilot program;
(2) minority entrepreneurship and innovation pilot program;
(3) small business health insurance information pilot program; and
(4) Native American economic development pilot program. Directs the President to convene a National Small Business Summit. Revises or adds provisions concerning small business lender oversight.


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Sponsor

• Sen. John Kerry [D, MA]
• and 31 Co-Sponsors
  • Sen. Max Baucus [D, MT]
  • Sen. Evan Bayh [D, IN]
  • Sen. Robert Bennett [R, UT]
  • Sen. Christopher Bond [R, MO]
  • Sen. Sherrod Brown [D, OH]
  • Sen. Samuel Brownback [R, KS]
  • Sen. Richard Burr [R, NC]
  • Sen. Maria Cantwell [D, WA]
  • Sen. Benjamin Cardin [D, MD]
  • Norm Coleman
  • Sen. Susan Collins [R, ME]
  • Sen. Bob Corker [R, TN]
  • Sen. Christopher Dodd [D, CT]
  • Elizabeth Dole
  • Sen. Michael Enzi [R, WY]
  • Sen. Thomas Harkin [D, IA]
  • Sen. John Isakson [R, GA]
  • Sen. Tim Johnson [D, SD]
  • Sen. Herbert Kohl [D, WI]
  • Sen. Mary Landrieu [D, LA]
  • Sen. Carl Levin [D, MI]
  • Sen. Joseph Lieberman [I, CT]
  • Sen. Patty Murray [D, WA]
  • Sen. Mark Pryor [D, AR]
  • Sen. Pat Roberts [R, KS]
  • Gordon Smith
  • Sen. Olympia Snowe [R, ME]
  • Sen. Debbie Ann Stabenow [D, MI]
  • Sen. Jon Tester [D, MT]
  • Sen. John Thune [R, SD]
  • Sen. David Vitter [R, LA]
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Amendments

This bill has no amendments.

Amendments to S.2920

Number	Status	Purpose

Bill Status

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Introduced		Voted on by Senate		Voted on by House		Considered By President		Bill Becomes Law
April 24, 2008

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• Added to calendar on Apr 28, 2008: Read the second time. Placed on Senate Legislative Calendar under General Orders. Calendar No. 720..
• Introduced on Apr 24, 2008.
• Apr 24, 2008: Introduced in the Senate. Read the first time. Placed on Senate Legislative Calendar under Read the First Time.

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Blog Coverage

December 23, 2008 StewardshipBrokers: Senators Urge SBA to help Small Businesses

The SBA could help stabilize lending in its largest loan program by making three sensible programmatic changes, many of which its lending partners and Congress have been seeking since 2007 through S. 1256, S. 2920, and S. 3596. ...

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Source: StewardshipBrokers

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October 22, 2008 New Laws With Implictions For Small Business

The Senate Small Business Committee is expected to mark up S. 2920, the SBA Reauthorization and Improvement Act of 2008. The House is expected to focus on passing the 12 remaining agency funding bills, the economic stimulus package, ...

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Source: Kemp Ali

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September 28, 2008 OpenCongress - U.S. Congress - S.3596 Small Business Lending ...

The SBA could help stabilize lending in its largest loan program by making three sensible programmatic changes, many of which its lending partners and Congress have been seeking since 2007 through S. 1256, S. 2920, and S. 3596. ...

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Source: Open Congress : Sen. John Kerry [D, MA]

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