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Permanent Loan Program for Small Businesses in Underserved Communities

This act makes a small business loan program permanent, improving access to funding, especially for entrepreneurs from underrepresented groups like minorities, women, veterans, or businesses in rural or low-income areas. The program allows specialized institutions to provide loans up to $350,000 with a government guarantee, helping businesses that might struggle to get traditional bank loans.
Key points
A loan program focused on helping small businesses in underserved groups and areas becomes permanent.
Allows loans up to $350,000 with a government guarantee, provided by specialized financial institutions.
At least 70% of loans under the program must go to businesses in underserved markets.
Includes requirements for lender training and detailed reporting on who receives the loans.
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Expired
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Additional Information
Print number: 117_S_5102
Sponsor: Sen. Cardin, Benjamin L. [D-MD]
Process start date: 2022-11-16
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Summarized by: gemini-2.5-flash-preview-04-17
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_S_5102.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2022-11-16.

What are the main provisions?

Key points include:

  • A loan program focused on helping small businesses in underserved groups and areas becomes permanent.
  • Allows loans up to $350,000 with a government guarantee, provided by specialized financial institutions.
  • At least 70% of loans under the program must go to businesses in underserved markets.
  • Includes requirements for lender training and detailed reporting on who receives the loans.
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. Cardin, Benjamin L. [D-MD].

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