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Community Advantage Loan Program: Permanent Support for Small Businesses

This act establishes a permanent loan program for small businesses, especially those owned by underserved groups like minorities, women, veterans, and new ventures. It aims to improve access to financing and business support, helping these firms grow and create jobs.
Key points
Easier access to loans up to $350,000 for small businesses, particularly those in rural and low-income areas, and those owned by minorities, women, and veterans.
The program provides technical assistance and business advice to help new and underserved businesses become more financially stable.
Most loans (at least 70%) must go to businesses in underserved markets, aiming to reduce inequalities in capital access.
Introduces transparency and reporting requirements to track how the program benefits various business owner groups and regions.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_9311
Sponsor: Rep. Chu, Judy [D-CA-27]
Process start date: 2022-11-16
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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

Community Advantage Loan Program Permanency Act of 2022

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_9311.

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 2022-11-16.

What are the main provisions?

Key points include:

  • Easier access to loans up to $350,000 for small businesses, particularly those in rural and low-income areas, and those owned by minorities, women, and veterans.
  • The program provides technical assistance and business advice to help new and underserved businesses become more financially stable.
  • Most loans (at least 70%) must go to businesses in underserved markets, aiming to reduce inequalities in capital access.
  • Introduces transparency and reporting requirements to track how the program benefits various business owner groups and regions.
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

Who is the primary sponsor?

The primary sponsor is Rep. Chu, Judy [D-CA-27].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Small Business.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy