S 1832 ISCommentsClose CommentsPermalink

To increase loan limits for small business concerns, provide for low interest refinancing for small business concerns, and for other purposes.CommentsClose CommentsPermalink

October 21, 2009CommentsClose CommentsPermalink

Ms. LANDRIEU (for herself, Mr. KERRY, Mrs. SHAHEEN, Mr. CASEY, Mr. CARDIN, and Mr. HARKIN) introduced the following bill; which was read twice and referred to the Committee on Small Business and EntrepreneurshipCommentsClose CommentsPermalink

To increase loan limits for small business concerns, provide for low interest refinancing for small business concerns, and for other purposes.CommentsClose CommentsPermalink

Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled,CommentsClose CommentsPermalink

SECTION 1. SHORT TITLE.

This Act may be cited as the ‘Small Business Access to Capital Act of 2009’.CommentsClose CommentsPermalink

SEC. 2. SECTION 7(a) BUSINESS LOANS.

Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended--CommentsClose CommentsPermalink





(1) in paragraph (2)(A)--CommentsClose CommentsPermalink





(A) in clause (i), by striking ‘75 percent’ and inserting ‘90 percent’; andCommentsClose CommentsPermalink





(B) in clause (ii), by striking ‘85 percent’ and inserting ‘90 percent’; andCommentsClose CommentsPermalink





(2) in paragraph (3)(A), by striking ‘$1,500,000 (or if the gross loan amount would exceed $2,000,000’ and inserting ‘$4,500,000 (or if the gross loan amount would exceed $5,000,000’.CommentsClose CommentsPermalink

SEC. 3. LOW INTEREST REFINANCING UNDER THE LOCAL DEVELOPMENT BUSINESS LOAN PROGRAM.

Section 502(7) of the Small Business Investment Act of 1958 (15 U.S.C. 696(7)) is amended by adding at the end the following:CommentsClose CommentsPermalink





‘(C) REFINANCING NOT INVOLVING EXPANSIONS-CommentsClose CommentsPermalink





‘(i) IN GENERAL- A project that does not involve the expansion of a small business concern may include the refinancing of existing indebtedness if--CommentsClose CommentsPermalink





‘(I) the amount of the financing is not more than 80 percent of the value of the collateral for the financing;CommentsClose CommentsPermalink





‘(II) the small business concern has been in operation for all of the 2-year period ending on the date of the financing;CommentsClose CommentsPermalink





‘(III) the existing indebtedness was not incurred during the 2-year period ending on the date of the financing;CommentsClose CommentsPermalink





‘(IV) the existing indebtedness is not subject to a guarantee by any Federal agency; andCommentsClose CommentsPermalink





‘(V) for a loan for which the Administrator determines there will be an additional cost for making a loan that includes the refinancing of the existing indebtedness, the borrower agrees to pay a fee in an amount equal to the anticipated additional cost.CommentsClose CommentsPermalink





‘(ii) NO JOB CREATION GOALS- A financing may be approved under this subparagraph regardless of whether the project meets the job creation goals under subsection (d) or (e) of section 501.’.CommentsClose CommentsPermalink

SEC. 4. MICROLOANS.

(a) Marketing, Management, and Technical Assistance Grants- Section 7(m)(4) of the Small Business Act (15 U.S.C. 636(m)(4)) is amended--CommentsClose CommentsPermalink





(1) in subparagraph (A)--CommentsClose CommentsPermalink





(A) in the first sentence, by striking ‘and subject to subparagraph (B)’; andCommentsClose CommentsPermalink





(B) in the second sentence--CommentsClose CommentsPermalink





(i) by striking ‘each intermediary meeting the requirements of subparagraph (B)’ and inserting ‘an intermediary’; andCommentsClose CommentsPermalink





(ii) by striking ‘25 percent’ and inserting ‘50 percent’;CommentsClose CommentsPermalink





(2) by striking subparagraph (B); andCommentsClose CommentsPermalink





(3) by striking subparagraph (C)(iii).CommentsClose CommentsPermalink





(b) Microloan Amounts- Section 7(m) of the Small Business Act (15 U.S.C. 636(m)) is amended--CommentsClose CommentsPermalink





(1) in paragraph (1)(B)(iii), by striking ‘$35,000’ and inserting ‘$50,000’;CommentsClose CommentsPermalink





(2) in paragraph (3)(E), by striking ‘$35,000’ each place it appears and inserting ‘$50,000’; andCommentsClose CommentsPermalink





(3) in paragraph (11)(B), by striking ‘$35,000’ and inserting ‘$50,000’.CommentsClose CommentsPermalink

SEC. 5. MAXIMUM LOAN AMOUNTS UNDER 504 PROGRAM.

Section 502(2)(A) of the Small Business Investment Act of 1958 (15 U.S.C. 696(2)(A)) is amended--CommentsClose CommentsPermalink





(1) in clause (i), by striking ‘$1,500,000’ and inserting ‘$5,000,000’;CommentsClose CommentsPermalink





(2) in clause (ii), by striking ‘$2,000,000’ and inserting ‘$5,000,000’; andCommentsClose CommentsPermalink





(3) in clause (iii), by striking ‘$4,000,000’ and inserting ‘$5,500,000’.CommentsClose CommentsPermalink

SEC. 6. NEW MARKETS VENTURE CAPITAL COMPANY INVESTMENT LIMITATIONS.

Section 355 of the Small Business Investment Act of 1958 (15 U.S.C. 689d) is amended by adding at the end the following:CommentsClose CommentsPermalink





‘(e) Investment Limitations-CommentsClose CommentsPermalink





‘(1) DEFINITION- In this subsection, the term ‘covered New Markets Venture Capital company’ means a New Markets Venture Capital company--CommentsClose CommentsPermalink





‘(A) granted final approval by the Administrator under section 354(e) on or after March 1, 2002; andCommentsClose CommentsPermalink





‘(B) that has obtained a financing from the Administrator.CommentsClose CommentsPermalink





‘(2) LIMITATION- Except to the extent approved by the Administrator, a covered New Markets Venture Capital company may not acquire or issue commitments for securities under this title for any single enterprise in an aggregate amount equal to more than 10 percent of the sum of--CommentsClose CommentsPermalink





‘(A) the regulatory capital of the covered New Markets Venture Capital company; andCommentsClose CommentsPermalink





‘(B) the total amount of leverage projected in the participation agreement of the covered New Markets Venture Capital.’.CommentsClose CommentsPermalink

SEC. 7. EXTRAMURAL RESEARCH AND DEVELOPMENT BUDGET OF THE NATIONAL INSTITUTES OF HEALTH.

Title VIII of division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111-5; 123 Stat. 176) is amended in the matter under the heading ‘OFFICE OF THE DIRECTOR’ under the heading ‘National Institutes of Health’ under the heading ‘DEPARTMENT OF HEALTH AND HUMAN SERVICES’, by inserting after ‘638(n)(1):’ the following: ‘Provided further, That not later than September 30, 2010, of the amount appropriated under this heading, $150,000,000 shall be obligated to be expended with the programs of the National Institutes of Health described in the previous proviso:’.CommentsClose CommentsPermalink

SEC. 8. BUSINESS STABILIZATION PROGRAM.

Section 506(c) of division A of the American Recovery and Reinvestment Act of 2009 (Public Law 111-5; 123 Stat. 157) is amended by striking ‘but shall not include’ and all that follows through ‘enactment of this Act’.CommentsClose CommentsPermalink

SEC. 9. PROSPECTIVE REPEALS.

(a) Amendments-CommentsClose CommentsPermalink





(1) SECTION 7(a) BUSINESS LOANS- Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended--CommentsClose CommentsPermalink





(A) in paragraph (2)(A)--CommentsClose CommentsPermalink





(i) in clause (i), by striking ‘90 percent’ and inserting ‘75 percent’; andCommentsClose CommentsPermalink





(ii) in clause (ii), by striking ‘90 percent’ and inserting ‘85 percent’; andCommentsClose CommentsPermalink





(B) in paragraph (3)(A), by striking ‘$4,500,000’ and inserting ‘$3,750,000’.CommentsClose CommentsPermalink





(2) LOW INTEREST REFINANCING UNDER THE LOCAL DEVELOPMENT BUSINESS LOAN PROGRAM- Section 502(7) of the Small Business Investment Act of 1958 (15 U.S.C. 696(7)) is amended by striking subparagraph (C).CommentsClose CommentsPermalink





(b) Effective Date- The amendments made by this section shall take effect on October 1, 2010.CommentsClose CommentsPermalink