Proposed law to expand MWBE access to SBA microloans

News - Published Feb 02, 2018

U.S. Senator Kirsten Gillibrand has introduced a bill to expand minority and women-owned business (MWBE) access to the Small Business Administration's microloan program.

If approved, the Microloan Modernization Act would raise the total limit on outstanding loans to intermediary lending organizations used to disperse federally-backed loans to MWBEs. In addition, more opportunities for training assistance would be provided to small business owners.

"Too many would-be small business owners struggle to get loans from banks to start their businesses. More often than not, the people who lose out are women and minority New Yorkers," said Senator Gillibrand. "The bipartisan Microloan Modernization Act would help ensure that every hardworking entrepreneur who wants to start a business has a chance to do it. If we really want to fix our economy, then we need to start rewarding work and entrepreneurship again, and this bipartisan bill is a good place to start."

William Boland, the Mayor of Corning, New York, also spoke in support of the bill.

"Access to capital is the life blood of small business. Clear data shows us that women and minority owned small businesses have a more difficult time in getting loans and access to training in the 'how-to's' of making a business a success," he said. "This bill takes a big step in addressing these inequities by leveling the playing field."

To read the text of the Microloan Modernization Act in full, visit https://www.gpo.gov/fdsys/pkg/BILLS-115s526is/pdf/BILLS-115s526is.pdf