Representative Gilbert R. Cisneros, Jr. (CA-39) applauded the House passage of the Microloan Improvement Act of 2020 and the Microloan Transparency and Accountability Act of 2020, expanding access to the Small Business Administration’s Microloan Program.
“I’ve been calling on Congress to step up to help our small businesses in the 39th District. I’m glad to see that the House passed two bills, on a bipartisan, unanimous basis, that would expand access to the SBA’s Microloan Program. It’s a step in the right direction, but I know Congress can do more. I’ll keep fighting for 39th District small businesses and workers,” said Rep. Cisneros.
The Microloan Improvement Act would increase the number of community-based lenders eligible for the lowest interest rate on loans from the SBA and allow these lenders to offer lines of credit to small businesses while extending the maximum repayment term for loans. This would help cut through bureaucratic red tape restricting lending to small businesses looking to grow and create jobs.
The Microloan Transparency and Accountability Act would boost microloans in rural areas and provide new reporting to Congress to ensure that the program serves America’s small business owners.
On June 9th, Rep. Cisneros was awarded the U.S. Chamber of Commerce’s inaugural Abraham Lincoln Leadership for America Award. It recognizes those members of Congress from both sides of the aisle who demonstrate the bipartisan leadership and constructive governing necessary to move our country forward and advance policies that support America’s free enterprise system.
This article was released by the Office of Representative Gilbert R. Cisneros, Jr.