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Microloan Improvements: Longer Repayments and Easier Access for Small Businesses

This act makes it easier for small businesses to access microloans by introducing longer repayment terms and allowing lines of credit. The changes aim to lower costs for entrepreneurs and increase access to funding, especially in less developed regions. Citizens running small businesses can expect greater flexibility in managing their financial obligations.
Key points
Extended microloan repayment terms: up to 7 years for loans of $10,000 or less, and up to 10 years for loans over $10,000.
Microloans can now be offered as lines of credit, providing more financial flexibility.
15% of microloan funds will be reserved for designated underutilized states to support development in those regions.
The Small Business Administration will be required to report loan payment activity to major credit reporting agencies, affecting borrowers' credit history.
Increased transparency in fund allocation and reporting on how the program supports equitable distribution across states.
article Official text account_balance Process page
VOTING RESULTS
2021-04-16
96%
For 397
Against 16
Abstain 0
Full voting results open_in_new
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_1502
Sponsor: Rep. Kim, Andy [D-NJ-3]
Process start date: 2021-03-02
Voting date: 2021-04-16
Meeting no: 1
Voting no: 114
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Microloan Improvement Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1502.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-02.

What are the main provisions?

Key points include:

  • Extended microloan repayment terms: up to 7 years for loans of $10,000 or less, and up to 10 years for loans over $10,000.
  • Microloans can now be offered as lines of credit, providing more financial flexibility.
  • 15% of microloan funds will be reserved for designated underutilized states to support development in those regions.
  • The Small Business Administration will be required to report loan payment activity to major credit reporting agencies, affecting borrowers' credit history.
  • Increased transparency in fund allocation and reporting on how the program supports equitable distribution across states.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Where is the official voting record?

The official roll call vote is recorded at: voting record

Who is the primary sponsor?

The primary sponsor is Rep. Kim, Andy [D-NJ-3].

What is the latest detailed status?

The latest detailed status is: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 397 - 16 (Roll no. 114). (text: 04/14/2021 CR H1765)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy