arrow_back Back to App

Small Business Support: New Loans and Aid for Underserved Markets

This act establishes a permanent loan program for small businesses, especially those in rural and underserved areas, and for new businesses. It aims to facilitate their access to financing and business support, potentially leading to job creation and local community development. Citizens operating small businesses in these regions may find it easier to obtain credit and receive assistance for growth.
Key points
Establishes the permanent Community Advantage Loan Program to help small businesses secure financing.
The program focuses on supporting businesses in rural, underserved areas, and new businesses that often struggle to obtain credit.
Maximum loan amounts are $350,000, with experienced lenders able to offer up to $750,000, providing greater growth opportunities.
At least 60% of loans must go to businesses in underserved markets, ensuring targeted support.
Requirements for loan loss reserves and mandatory training for lending institutions are introduced to enhance program security and effectiveness.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_7560
Sponsor: Rep. Chu, Judy [D-CA-28]
Process start date: 2024-03-06
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Community Advantage Loan Program Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_7560.

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 2024-03-06.

What are the main provisions?

Key points include:

  • Establishes the permanent Community Advantage Loan Program to help small businesses secure financing.
  • The program focuses on supporting businesses in rural, underserved areas, and new businesses that often struggle to obtain credit.
  • Maximum loan amounts are $350,000, with experienced lenders able to offer up to $750,000, providing greater growth opportunities.
  • At least 60% of loans must go to businesses in underserved markets, ensuring targeted support.
  • Requirements for loan loss reserves and mandatory training for lending institutions are introduced to enhance program security and effectiveness.
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-28].

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 Public Investments