106th Congress > House > Vote 11
Clerk session vote number: 12
Description: Microloan Program Technical Corrections Act
Bill summary: Microloan Program Technical Corrections Act of 1999 - Amends provisions of the Small Business Act relating to the Microloan Program (a program making loans to small businesses for startup or materials and equipment costs) to: (1) require the Small Business Administration (SBA) to make available for award under such Program to each State, the District of Columbia, Puerto Rico, the Virgin Islands, Guam, and American Samoa an amount equal to the sum of the lesser of $800,000 or one fifty-fifth of
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the total amount of new loan funds available for such fiscal year plus such additional amount determined appropriate (authorizing a redistribution of unused funds among such States and territories and possessions); (2) revise the loan loss reserve fund levels required of loan intermediaries; (3) direct the SBA Administrator, after the first five years of an intermediary's participation in the Program, to review the annual loss rate of such intermediary; and (4) authorize the Administrator, under certain circumstances, to reduce the annual loan loss reserve requirement to reflect the average annual loan loss rate of an intermediary, except that no loan loss reserve shall be reduced to less than ten percent of the outstanding balance of the notes receivable owed to the intermediary.
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Bill titles: To make technical corrections to the Microloan Program.
Links for more info on the vote: congress.gov
