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Support for Small Businesses: Banks to Aid Local Business Development

New rules encourage banks to support local business development, especially for those run by low- and moderate-income individuals. Banks can earn special credit for referring entrepreneurs to organizations that offer business development resources like credit improvement programs or business counseling. This aims to make it easier for people to access the tools needed to start or grow a small business, potentially leading to job creation and economic growth in communities.
Key points
Banks will receive incentives for referring low- and moderate-income borrowers to community business development organizations.
These organizations provide resources such as credit improvement, business counseling, and financial literacy programs.
The goal is to improve access to business development resources for small businesses, fostering local economic growth and job creation.
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Expired
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Additional Information
Print number: 117_S_4532
Sponsor: Sen. Hassan, Margaret Wood [D-NH]
Process start date: 2022-07-14
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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

Strengthening Community Business Development Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_S_4532.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-07-14.

What are the main provisions?

Key points include:

  • Banks will receive incentives for referring low- and moderate-income borrowers to community business development organizations.
  • These organizations provide resources such as credit improvement, business counseling, and financial literacy programs.
  • The goal is to improve access to business development resources for small businesses, fostering local economic growth and job creation.
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 Sen. Hassan, Margaret Wood [D-NH].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy Benefits