I
118THCONGRESS
1
STSESSION H. R. 449
To amend the Small Business Act to increase transparency, and for other
purposes.
IN THE HOUSE OF REPRESENTATIVES
JANUARY24, 2023
Mr. B
URCHETT(for himself, Mr. KIMof New Jersey, and Mr. FITZGERALD)
introduced the following bill; which was referred to the Committee on
Small Business
A BILL
To amend the Small Business Act to increase transparency,
and for other purposes.
Be it enacted by the Senate and House of Representa-1
tives of the United States of America in Congress assembled, 2
SECTION 1. SHORT TITLE. 3
This Act may be cited as the ‘‘Microloan Trans-4
parency and Accountability Act of 2023’’. 5
SEC. 2. PORTFOLIO RISK ANALYSIS OF MICROLOANS. 6
Section 7(m)(10) of the Small Business Act (15 7
U.S.C. 636(m)(10)) is amended— 8
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•HR 449 IH
(1) by redesignating subparagraphs (A) through 1
(F) as clauses (i) through (vi), respectively, and ad-2
justing the margins accordingly; 3
(2) by amending clause (iv), as so redesignated, 4
to read as follows: 5
‘‘(vi) the number, amount, and per-6
centage of microloans made by inter-7
mediaries to small business concerns— 8
‘‘(I) that went into default in the 9
previous year; and 10
‘‘(II) that were charged off in the 11
previous year by such inter-12
mediaries;’’; 13
(3) in clause (vi), as so redesignated, by strik-14
ing ‘‘and’’ at the end; 15
(4) by redesignating subparagraph (G) as 16
clause (xviii), and adjusting the margin accordingly; 17
(5) by striking ‘‘On November 1, 1995,’’ and all 18
that follows through ‘‘the following:’’ and inserting 19
the following: 20
‘‘(A) I
N GENERAL.—Beginning on Feb-21
ruary 1, 2023, and annually thereafter, the Ad-22
ministrator shall submit to the Committee on 23
Small Business and Entrepreneurship of the 24
Senate and the Committee on Small Business 25
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•HR 449 IH
of the House of Representatives, and make 1
available to the public on the website of the Ad-2
ministration, a report on the effectiveness of 3
the microloan program during the fiscal year 4
preceding the date of the report. Such report 5
shall include—’’; 6
(6) in subparagraph (A), as so designated, by 7
inserting after clause (vi) the following new clauses: 8
‘‘(vii) the number and type of enforce-9
ment actions taken by the Administrator 10
against noncompliant intermediaries; 11
‘‘(viii) an analysis of compliance by 12
intermediaries with the credit availability 13
requirements of paragraph (3)(E) for loans 14
in an amount greater than $20,000; 15
‘‘(ix) the extent to which microloans 16
are provided to small business concerns in 17
rural areas; 18
‘‘(x) the number of underserved bor-19
rowers, as defined by the Administration, 20
participating in the microloan program; 21
‘‘(xi) the average rate of interest for 22
each microloan; 23
‘‘(xii) the average amount of fees 24
charged for each microloan; 25
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•HR 449 IH
‘‘(xiii) the average size of each 1
microloan, including— 2
‘‘(I) the number of loans made in 3
an amount greater than $20,000; and 4
‘‘(II) the average size and 5
charge-off rate of such loans; 6
‘‘(xiv) the subsidy cost to the Admin-7
istration; 8
‘‘(xv) the number and percentage of 9
microloans that were made to refinance 10
other loans; 11
‘‘(xvi) the number and percentage of 12
microloans made to new program partici-13
pants and the number and percentage of 14
microloans made to previous program par-15
ticipants; 16
‘‘(xvii) the average amount of tech-17
nical assistance grant monies spent on 18
each loan; and’’; and 19
(7) by adding at the end the following: 20
‘‘(B) P
RIVACY.—Each report submitted 21
under subparagraph (A) shall not contain any 22
personally identifiable information of any bor-23
rower.’’. 24
Æ
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