Small Business Finance News

New Bill Could Bring Relief To Microloan Intermediaries, Women's Business Centers

Written by Jenna Weiner
Published: 3/30/2010

Legislation that would aid microloan intermediaries and Women's Business Centers has been introduced to the U.S. Senate.

A new piece of legislation could bring good news for small business owners looking for loans, as well as female entrepreneurs who need help.

Entrepreneur Financial News

Members of the U.S. Senate have introduced legislation that would help alleviate some of the financial burdens which have forced business counseling centers to close.

The Small Business Community Partner Relief Act would allow the Small Business Administration to temporarily waive the matching non-federal funding requirement now needed from microloan intermediaries and Women's Business Centers. They could then receive funding from the SBA.

Proponents of the bill believe it would be a benefit because microloan intermediaries and WBCs have seen decreased funding from local governments, universities and private sources because of budget cuts.

"Women's Business Centers and microloan intermediaries play a critical role in counseling America's entrepreneurs," said Senator Olympia J. Snowe. "Our legislation will provide these centers with critical relief so that they can focus their efforts on supporting our nation's small business owners at a time when non-federal funding is so difficult to obtain."

Microloan intermediaries may be in need of help, but small loans are still being given. Last week, The Loan Fund in New Mexico received $750,000 under the SBA's Microloan Program, New Mexico Business Weekly reports. The program helps nonprofit and community-based lenders.

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