WASHINGTON, DC – The U.S. House of Representatives unanimously passed the Microloan Improvement Act on Monday, a bipartisan bill co-authored by Congressman Andy Kim (NJ-03) and Congressman Tim Burchett, that aims to cut red tape and help small businesses access the capital needed to get them through the current economic crisis and grow.
“The coronavirus crisis has hit our small businesses hard, and they can use all the help they can get,” said Congressman Kim. “I’m proud to work with Congressman Burchett to get this bill through the House and hope the Senate takes immediate action to help our entrepreneurs and get people back to work.”
The bill, part of Kim and Burchett’s "Microloan, Major Impact" package would increase the number of nonprofit, 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 identified as restricting lending to small businesses looking to grow and create jobs.
Congressman Kim, a recipient of the U.S. Chamber of Commerce "Spirit of Enterprise" Award, serves as the Chairman of the Subcommittee on Economic Growth, Tax and Capital Access on the House Small Business Committee. During his first term, Congressman Kim introduced the bipartisan Access Business Credit (ABC) Act and Patriotic Employer Protection Act. The Congressman also introduced the Small Business Regulatory Relief Act which would help small business owners cut through regulatory red tape.