S. 2661 · 111th Congress

Child Care Lending Pilot Act of 2009

Stage
In committee
Sponsor
John Kerry
Introduced
2009-11-02
Latest action
2009-11-02 · Introduced in Senate

Summary

Child Care Lending Pilot Act of 2009 - Amends the Small Business Investment Act of 1958 to allow proceeds of loans made through the Small Business Administration (SBA) to be used by certified local development companies to assist a small, nonprofit child care business if: (1) the loan is used for a sound business purpose approved by the SBA; (2) each business meets eligibility requirements applicable to for-profit businesses; (3) one or more individuals has personally guaranteed the loan; (4) each business has clear title to the collateral for the loan; and (5) each business has sufficient cash flow to meet loan obligations and reasonable operating expenses. Prohibits more than 7% of the total number of loans guaranteed in any fiscal year for certified development companies from being awarded under such program.