H.R.3635 - Investing in America's Small Businesses Act of 2011

To encourage initiatives for financial products and services that are appropriate and accessible for millions of American small businesses that do not have access to the financial mainstream. view all titles (2)

All Bill Titles

  • Official: To encourage initiatives for financial products and services that are appropriate and accessible for millions of American small businesses that do not have access to the financial mainstream. as introduced.
  • Short: Investing in America's Small Businesses Act of 2011 as introduced.

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Introduced
 
House
Passes
 
Senate
Passes
 
President
Signs
 

 
12/12/11
 
 
 
 
 
 
 

Sponsor

Representative

Carolyn Maloney

D-NY

View Co-Sponsors (15)

Official Summary

Investing in America's Small Businesses Act of 2011 - Amends the Community Development Banking and Financial Institutions Act of 1994 to require the Community Development Financial Institutions Fund to make grants to community development financial institutions to enable such instituti

Official Summary

Investing in America's Small Businesses Act of 2011 - Amends the Community Development Banking and Financial Institutions Act of 1994 to require the Community Development Financial Institutions Fund to make grants to community development financial institutions to enable such institutions to establish a loan-loss reserve fund to defray the costs of a small business loan program. Defines \"small business loan program\" as a program in which a community development financial institution offers loans to small businesses that:
(1) are made in amounts up to $25,000,
(2) have no prepayment penalty, and
(3) meet any affordability requirements established by Administrator of the Fund. Requires a community development financial institution to provide non-federal matching funds equal to 50% of the amount of any grant received. Prohibits the use of such grants to make direct loans to small businesses. Permits a community development financial institution to use such a grant to:
(1) help recapture a portion or all of a defaulted loan made under its small business loan program, and
(2) designate and utilize a fiscal agent for services the agent normally provides. Requires the Fund to make technical assistance grants to community development financial institutions to create, support, or maintain such a program.

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