A bill to create a rural business lending pilot program within the U.S. Small Business Administration, and for other purposes.
Rural Business Lending Act - Establishes the Rural Business Lending Program under which the Small Business Administration shall: (1) guarantee loans through participating lenders of up to $750,000 per loan; (2) guarantee up to 90 percent of loans made by such lenders; (3) collect a loan guarantee fee of no more than one percent of the amount guaranteed; and (4) exempt participating lenders from a basis point fee otherwise required if such exemption will significantly increase the number of loans made under the Program. Requires a report.
Authorizes appropriations for FY 2000 through 2002.
Introduced in Senate
Sponsor introductory remarks on measure. (CR S1275)
Read twice and referred to the Committee on Small Business.
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