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Larger Loans for Small Businesses: Doubling Loan Amount Limit.

This act doubles the maximum loan amount available to small businesses under the 7(a) program from $5 million to $10 million. This means small business owners can apply for significantly more financial support, potentially helping them grow, create jobs, and invest in local communities.
Key points
Increases the maximum loan amount for small businesses from $5 million to $10 million.
Provides greater financing opportunities for entrepreneurs, potentially boosting economic growth and job creation.
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Expired
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Additional Information
Print number: 118_HR_7242
Sponsor: Rep. Thanedar, Shri [D-MI-13]
Process start date: 2024-02-05
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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

Loans in our Neighborhoods Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7242.

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 2024-02-05.

What are the main provisions?

Key points include:

  • Increases the maximum loan amount for small businesses from $5 million to $10 million.
  • Provides greater financing opportunities for entrepreneurs, potentially boosting 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 Rep. Thanedar, Shri [D-MI-13].

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 2025-12-25.

CATEGORIES

Economy