{"format":1,"id":"117-hr-1502","congress":117,"number":"H.R. 1502","kind":"bill","group":"bills","title":"Microloan Improvement Act of 2021","title_source":"Short Title(s) as Passed House","official_title":"To amend the Small Business Act to optimize the operations of the microloan program, lower costs for small business concerns and intermediary participants in the program, and for other purposes.","titles":[{"type":"Official Title as Introduced","title":"To amend the Small Business Act to optimize the operations of the microloan program, lower costs for small business concerns and intermediary participants in the program, and for other purposes."},{"type":"Short Titles from RFS (Referred to Senate) bill text","title":"Microloan Improvement Act of 2021"},{"type":"Display Title","title":"Microloan Improvement Act of 2021"},{"type":"Short Title(s) as Passed House","title":"Microloan Improvement Act of 2021"},{"type":"Short Title(s) as Introduced","title":"Microloan Improvement Act of 2021"}],"outcome":"passed_house","law_number":null,"introduced":"2021-03-02","chambers":{"house":{"status":"roll_call","date":"2021-04-15","vote":{"id":"117-2021-h114","question":"On Motion to Suspend the Rules and Pass","title":"Microloan Improvement Act","result":"Passed","yea":397,"nay":16,"present":0,"not_voting":16,"source":"https://clerk.house.gov/evs/2021/roll114.xml"}},"senate":{"status":"na","date":null,"vote":null}},"president":{"status":"na","date":null},"vice_president_tie_breaker":null,"latest_action":{"text":"Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.","date":"2021-04-19"},"nominees":null,"amendments":[],"other_votes":[],"crs_summary":{"date":"2021-04-15","stage":"Passed House","blocks":[{"k":"h","t":"Microloan Improvement Act of 2021"},{"k":"p","t":"This bill revises the microloan program through which the Small Business Administration (SBA) provides, through designated intermediaries, certain financial assistance to small businesses."},{"k":"p","t":"Specifically, the bill authorizes an intermediary to offer a line of credit to a small business, and it increases the average amount for loans from an intermediary to participating small businesses that makes the intermediary eligible for a reduced interest rate on SBA loans. The bill also places limits on the repayment term for a microloan, and it prohibits the SBA from imposing any additional limitation on the term for repayment of a microloan."},{"k":"p","t":"Further, the SBA must (1) reserve 15% of new loan funds that are made available for disbursement as microloans to designated underutilized states and make the remaining 85% available for any state, (2) establish a process for an intermediary to provide the major credit reporting agencies with information about a borrower that is relevant to credit reporting, and (3) include information regarding equitable distribution of loan funds in its annual report."}],"words":173},"summary":{"main_subject":{"text":"Amends the microloan program in section 7(m) of the Small Business Act by changing its interest rate threshold, loan types, repayment terms, fund allocation, credit reporting process and annual reporting.","cites":[{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1502/text/eh#H30B5B0133789481691176AD2A8F8A3A2"},{"label":"Sec. 3","href":"https://www.congress.gov/bill/117th-congress/house-bill/1502/text/eh#H6B25240810E34AD1AB97553F83CCF6C4"},{"label":"Sec. 4","href":"https://www.congress.gov/bill/117th-congress/house-bill/1502/text/eh#HEF034AD1A8F141048E61AE16A5EDD592"},{"label":"Sec. 5","href":"https://www.congress.gov/bill/117th-congress/house-bill/1502/text/eh#H124412217EEB4C58A551B17FDDF6C7FD"},{"label":"Sec. 6","href":"https://www.congress.gov/bill/117th-congress/house-bill/1502/text/eh#H07361106C9F047E189638B58C6A41709"},{"label":"Sec. 7","href":"https://www.congress.gov/bill/117th-congress/house-bill/1502/text/eh#HCB17715C593E4A4DB56C5E0085E7AEF5"}]},"core_areas":["Interest rate threshold for microloan intermediaries","Lines of credit and repayment terms for microloans","Allocation of new microloan funds to designated underutilized States","Credit reporting by microloan intermediaries","Annual reporting on microloan program requirements"],"what_it_does":[{"text":"Changes a dollar figure in the Small Business Act's microloan interest rate provision for certain intermediaries from $7,500 to $10,000.","cite":{"label":"Sec. 2","href":"https://www.congress.gov/bill/117th-congress/house-bill/1502/text/eh#H30B5B0133789481691176AD2A8F8A3A2"}},{"text":"Amends the Small Business Act's microloan provision on fixed rate loans to add \"(including lines of credit)\".","cite":{"label":"Sec. 3","href":"https://www.congress.gov/bill/117th-congress/house-bill/1502/text/eh#H6B25240810E34AD1AB97553F83CCF6C4"}},{"text":"Sets a maximum repayment term of 7 years for a microloan made by an intermediary of $10,000 or less and 10 years for one greater than $10,000, and bars the Administrator from adding other limits on the term.","cite":{"label":"Sec. 4","href":"https://www.congress.gov/bill/117th-congress/house-bill/1502/text/eh#HEF034AD1A8F141048E61AE16A5EDD592"}},{"text":"Subject to appropriations, for the first 2 quarters of a fiscal year reserves 15 percent of new microloan funds for designated underutilized States and makes 85 percent available in any State; requires regulations defining that term within 180 days.","cite":{"label":"Sec. 5","href":"https://www.congress.gov/bill/117th-congress/house-bill/1502/text/eh#H124412217EEB4C58A551B17FDDF6C7FD"}},{"text":"Requires the Administrator of the Small Business Administration to issue rules for a process under which intermediaries give the major credit reporting agencies borrower information relevant to credit reporting, such as payment activity.","cite":{"label":"Sec. 6","href":"https://www.congress.gov/bill/117th-congress/house-bill/1502/text/eh#H07361106C9F047E189638B58C6A41709"}},{"text":"Requires the Administrator to include in an existing report, and post on the Administration's website, information on how the Administration has met the requirements of section 7(m)(8)(A).","cite":{"label":"Sec. 7","href":"https://www.congress.gov/bill/117th-congress/house-bill/1502/text/eh#HCB17715C593E4A4DB56C5E0085E7AEF5"}}],"unexpected":[{"category":"unnamed_target","items":[{"cite":{"label":"Sec. 5","href":"https://www.congress.gov/bill/117th-congress/house-bill/1502/text/eh#H124412217EEB4C58A551B17FDDF6C7FD"},"heading":"Program funding for microloans","effect":"Reserves 15 percent of new microloan funds for 'designated underutilized States' for the first 2 quarters of a fiscal year, with the term to be defined later by Small Business Administration regulation rather than in the text.","amount":null,"quote":"reserve 15 percent of such funds for award to designated underutilized States; and"}]}],"version":{"type":"Engrossed in House","date":"2021-04-15","rule":"passed","href":"https://www.congress.gov/bill/117th-congress/house-bill/1502/text/eh"},"current":true,"model":"claude-sonnet-5-5","approved":"2026-10-15","approved_by":"checks"},"sources":{"congress_gov":"https://www.congress.gov/bill/117th-congress/house-bill/1502","text":"https://www.congress.gov/bill/117th-congress/house-bill/1502/text"},"card":{"image":"card/item/117-hr-1502.png","v":"75e94a559aeb","alt":"Votes on Record. H.R. 1502, 117th Congress: Microloan Improvement Act of 2021. House: 397 Yea, 16 Nay. Outcome: Passed House, 15 Apr 2021."}}