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Official title: To amend the Small Business Investment Act of 1958 to modify the criteria for loans for plant acquisition, construction, conversion or expansion, and for other purposes.
This bill lessens the financing requirements for certain Small Business Administration loans to small businesses for plant acquisition, construction, conversion, or expansion, including the acquisition of land. Specifically, the bill reduces the amount of equity a borrower must provide by 5% of the total cost for loans for limited or single-purpose properties.
SenateReceived in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.
House floor actionsMr. Williams (TX) moved to suspend the rules and pass the bill.
Floor Vote
Passed the House
House floor actionsReported by the Committee on Small Business. H. Rept. 119-406.
House committee actionsCommittee Consideration and Mark-up Session Held
Library of CongressIntroduced in House
House floor actionsReferred to the House Committee on Small Business.
Introduced
Committee
Comments
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What Congress Said
Members who spoke about this bill on the floor, in their own words from the Congressional Record.
Republicans5 spoke
H.R. 5763 allows small businesses on Main Street to have equal access to SBA 504 loans. I urge my colleagues to support this legislation, and I yield back the balance of my time.
H.R. 5763 reduces the minimum equity requirement for special purpose properties to at least 10 percent, in line with the requirement for standard 504/CDC loans. Most importantly, it maintains discretionary authority to require higher equity if deemed necessary.
This way of doing business just doesn't reflect our current economic or technological realities. This bill offers a new opportunity for Americans across the country to step forward.
I attended an official meeting that did not end on time and was not able to reach the House Chamber before the first vote of the series closed. Had I been present, I would have voted YEA Roll Call No. 32.
Comments
Comments with insults, hate speech or personal information are removed.