Microloan Modernization Act of 2015

The Microloan Modernization Act of 2015, also known as Bill 114 hr 2670, is a piece of legislation introduced in the US Congress aimed at updating and improving the Small Business Administration's Microloan Program. The Microloan Program provides small businesses with access to small, short-term loans to help them start or expand their operations.

The main goal of the Microloan Modernization Act is to increase the maximum loan amount that small businesses can receive under the program from $50,000 to $100,000. This increase in loan size is intended to better meet the needs of small businesses in today's economy, where costs and expenses are often higher than they were when the program was first established.

In addition to increasing the loan amount, the bill also includes provisions to streamline the application and approval process for microloans, making it easier for small businesses to access the funding they need. The legislation also aims to improve oversight and accountability within the Microloan Program to ensure that the funds are being used effectively and efficiently. Overall, the Microloan Modernization Act of 2015 seeks to modernize and strengthen the Microloan Program to better support small businesses and promote economic growth. The bill has received bipartisan support in Congress and is seen as a positive step towards helping small businesses thrive in today's competitive market.