S. 2637 – Reading Mode

113th CONGRESS

2d Session

S. 2637

IN THE SENATE OF THE UNITED STATES

July 22, 2014

Mr. Levin introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship

A BILL

To modify the small business intermediary lending program.

Short title

This Act may be cited as the SBA Intermediary Lending Program Act of 2014.

Small business intermediary lending program

Section 7(l) of the Small Business Act (15 U.S.C. 636(l)) is amended—

(1)

in the subsection heading, by striking Pilot;

(2)

in paragraph (1)(B), by striking pilot;

(3)

in paragraph (2)—

(A)

by striking 3-year ; and

(B)

by striking pilot;

(4)

in paragraph (4)—

(A)

by striking subparagraph (B) and inserting the following:

(B)

Loan limits

(i)

In general

No single loan to an eligible intermediary under this subsection may exceed $1,000,000.

(ii)

Total amount

The total amount outstanding and committed to an eligible intermediary by the Administrator under the Program may not exceed $5,000,000.

; and

(B)

by striking subparagraph (G) and inserting the following:

(G)

Maximum amounts

The Administrator may make loans under the Program—

(i)

during each of fiscal years 2015, 2016, and 2017, in a total amount of not more than $20,000,000; and

(ii)

during fiscal year 2018 and each fiscal year thereafter, using such amounts as are made available for the Program.

; and

(5)

by striking paragraph (6).