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.
Status:
Expired
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