Microloan Modernization Act of 2017

Bill 115 HR 2056, also known as the Microloan Modernization Act of 2017, is a piece of legislation introduced in the US Congress. The purpose of this bill is to make improvements to the Small Business Administration's Microloan Program, which provides small loans to entrepreneurs and small business owners who may not qualify for traditional bank loans.

The Microloan Modernization Act of 2017 aims to increase the maximum loan amount that can be provided through the Microloan Program from $50,000 to $250,000. This increase in loan size will allow small business owners to access more capital to start or expand their businesses.

Additionally, the bill seeks to streamline the application process for microloans, making it easier for entrepreneurs to apply for and receive funding. It also includes provisions to improve technical assistance and training for borrowers, helping them to better manage their businesses and increase their chances of success. Overall, the Microloan Modernization Act of 2017 is designed to support small businesses and promote economic growth by providing them with greater access to capital and resources. It is currently being considered by Congress and has received bipartisan support.