WASHINGTON, D.C. – The U.S. Senate has approved bipartisan legislation sponsored by U.S. Senator Deb Fischer (R-Neb.) to help entrepreneurs with limited resources by opening more opportunities for them to start and grow businesses. The bill, known as the Microloan Modernization Act, would improve the Small Business Administration’s Microloan Program and increase accountability to make sure it is effective.

“Nebraska is full of aspiring entrepreneurs and innovators who want to escape poverty and become economically independent. My bipartisan legislation would increase flexibility in the Microloan Program. Doing so will allow more Americans to fulfill their dreams of building a business and providing for their families,” said Senator Fischer. 

The Microloan Program facilitates low-dollar loans for American entrepreneurs who are building and growing businesses. It provides loans to qualifying nonprofit, community-based organizations that are experienced in lending and management. These groups, in turn, lend to borrowers who cannot get capital elsewhere. The Microloan Modernization Act tightens oversight and accountability of the program, and increases the aggregate limit on loans that responsible intermediaries can make to entrepreneurs.

Senator Fischer introduced the Microloan Modernization Act with Senators Kirsten Gillibrand (D-N.Y.), Tim Scott (S.C.), and Chris Coons (D-Del.).