H.R. 1833 · 115th Congress
Investing in America's Small Businesses Act of 2017
- Stage
- In committee
- Sponsor
- Carolyn Maloney
- Introduced
- 2017-03-30
- Latest action
- 2017-03-30 · Introduced in House
Summary
Investing in America's Small Businesses Act of 2017
This bill amends the Community Development Banking and Financial Institutions Act of 1994 to require the Community Development Financial Institutions Fund to make grants to community development financial institutions for: (1) the establishment of loan-loss reserve funds to defray the costs of small business lending, and (2) related technical assistance.
A community development financial institution must provide nonfederal matching funds equal to 50% of the amount of any grant received.
A grantee may not use grant funds to make direct loans to small businesses.