Microloan Transparency and Accountability Act of 2023

Microloan Transparency and Accountability Act of 2023

This bill modifies reporting requirements related to the Small Business Administration's (SBA) disbursement of certain financial assistance.

Specifically, the bill requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including (1) the number, amount, and percentage of such loans that went into default in the previous year; (2) the extent to which microloans are provided to small businesses in rural areas; and (3) the average size, rate of interest, and amount of fees charged for each microloan.

Bill 118 hr 449, also known as the Microloan Transparency and Accountability Act of 2023, aims to increase transparency and accountability in the microloan program administered by the Small Business Administration (SBA).

The bill requires the SBA to publish detailed information on its website about the microloans it administers, including the number of loans issued, the amount of each loan, the interest rates charged, and the repayment terms. This information will be updated regularly to ensure that the public has access to the most current data.

Additionally, the bill requires the SBA to conduct regular audits of the microloan program to ensure that funds are being used appropriately and that borrowers are meeting their repayment obligations. The results of these audits will be made public to further increase transparency and accountability. Overall, the Microloan Transparency and Accountability Act of 2023 seeks to ensure that the SBA's microloan program is operating efficiently and effectively, and that taxpayer dollars are being used responsibly. By increasing transparency and accountability, the bill aims to build trust in the program and help small businesses access the capital they need to grow and succeed.