A bill to help small businesses access capital and create jobs by reauthorizing the successful State Small Business Credit Initiative.
Small Business Access to Capital Act of 2017
This bill amends the Small Business Jobs Act of 2010 to reauthorize for an additional eight years the State Small Business Credit Initiative to assist participating states to give collateral financial support to and other innovative credit access and guarantee initiatives for small businesses and manufacturers.
The bill prescribes allocations of federal funds to participating states.
The Department of the Treasury may award, on a competitive basis, up to $1 billion in two tranches (portions), according to specified criteria, to participating states for use (1) for making federal contributions to an approved state program, or (2) as collateral for a qualifying loan or swap funding facility.
Introduced in Senate
Read twice and referred to the Committee on Small Business and Entrepreneurship.
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