From the office of Congresswoman Claudia Tenney:
Washington, DC — Congresswoman Claudia Tenney (NY-22), member of the House Small Business Committee, today applauded passage of three bipartisan bills she cosponsored in support of small businesses and small manufacturers. With passage of these three bills, Tenney has now cosponsored seven bills that have been passed by the House of Representatives.
“I am grateful to have worked on these bills with my colleagues from both sides of the aisle to deliver results for our constituents. My focus as a member of the Small Business Committee has been to provide targeted relief to our small businesses and small manufacturers. The bills passed today continue to build on that work and provide the right resources for those working to economically recover from the pandemic.”
Background:H.R. 1490: 504 Modernization and Small Manufacturer Enhancement Act of 2021
- This bill increases the loan amount small manufacturers can borrow from the SBA from $5.5 million to $6.5 million and requires SBA District Offices to to partner with SBA Resource Partners to provide entrepreneurial development assistance to small manufacturers.
H.R. 1502: Microloan Improvement Act
- This bill increases the amount small businesses can borrow from designated intermediaries. It also prohibits the Small Business Administration (SBA) from imposing any additional limitation on the terms for repayment of a microloan.
H.R. 1487: Microloan Transparency and Accountability Act
- Requires the SBA to report certain metrics related to the disbursement of microloans to small businesses, including the number, amount, and percentage of such loans that went into default in the previous year; the extent to which are provided to small businesses in rural areas; the average size, rate of interest, and amount of fees charged for each microloan.