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Boosting Local Lenders: Increased Capital for Underserved Communities.

This Act significantly raises the maximum financial assistance available to organizations that support Community Development Financial Institutions (CDFIs), which are local lenders focused on underserved areas. The goal is to enhance the liquidity and stability of these CDFIs, making it easier for small businesses and residents in low-income communities to access loans and essential financial services. This change aims to directly stimulate local economic development and improve financial inclusion.
Key points
The maximum financial assistance limit for organizations enhancing CDFI liquidity is quadrupled from $5 million to $20 million.
Funds will be used to purchase loans from CDFIs or provide guarantees, ensuring these local lenders have the stability to issue more new loans.
Priority will be given to organizations supporting CDFIs that serve broad geographic areas or communities with significant unmet capital needs.
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Additional Information
Print number: 118_S_1442
Sponsor: Sen. Warner, Mark R. [D-VA]
Process start date: 2023-05-04
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Scaling Community Lenders Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1442.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-05-04.

What are the main provisions?

Key points include:

  • The maximum financial assistance limit for organizations enhancing CDFI liquidity is quadrupled from $5 million to $20 million.
  • Funds will be used to purchase loans from CDFIs or provide guarantees, ensuring these local lenders have the stability to issue more new loans.
  • Priority will be given to organizations supporting CDFIs that serve broad geographic areas or communities with significant unmet capital needs.
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. Warner, Mark R. [D-VA].

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 2025-12-26.

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