Senate Small Business Committee Approves 8 BillsApril 29, 2015
On Thursday, April 23, the Senate Committee on Small Business and Entrepreneurship held a markup of eight bills aimed at improving small firms’ access to capital and bolstering the technical assistance offerings of the Small Business Development Centers (SBDCs).
The following eight bills were all approved unanimously and now await floor action in the Senate.
- Veterans Entrepreneurship Act (S. 957) would permanently make SBA loans less expensive for veterans in the Express loan program by waiving loan fees;
- Commercial Real Estate and Economic Development Act of 2015 or CREED Act (S. 966) which would reinstate the 504 Refi program which allows small businesses to refinance existing qualified commercial real estate debt;
- Communicating Lender Activity Reports from the Small Business Administration Act or CLEAR Act (S. 967) would make Small Business Administration (SBA) lending more transparent by making key decision-making information for borrowers available in a user-friendly database;
- Small Business Development Centers Improvement Act of 2015 (S. 999) which would prohibit the administration from funding new SBA-created initiatives that duplicate the work of SBDCs and enable SBDCs to help small businesses outside of their own states in cases of natural disasters or other emergencies;
- SCORE for Small Business Act of 2015 (S. 1000) which authorizes $10.5 million spending for the SCORE program for FY 2016 through FY 2018;
- Small Business Lending Reauthorization Act (S. 1001) which would establish general SBA loan program lending caps of $20.5 billion for FY2015 and $23.5 billion for FY 2016;
- Small Business Fairness Act (S. 958) which deals with small firm teaming and joint ventures on certain bundled contracts; and
- Small Business Investment Capital Company Act of 2015 (S. 552) which would increase the cap from $225 million to $350 million for SBIC-program companies.
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