Fitzgerald Applauds Passage of Microloan Transparency & Accountability Act
WASHINGTON, DC – Today, the House again passed the Microloan Transparency & Accountability Act, a bill co-introduced by Congressman Scott Fitzgerald with Congressman Tim Burchett (TN-02).
“The SBA Microloan Program provides loans to small businesses and certain not-for-profit childcare centers, who otherwise would not have access to capital markets, to help start up and expand. These loans do not exceed $50,000 and the average microloan is $13,000, said Congressman Scott Fitzgerald. Despite the growth and success of the program, the SBA does not produce adequate data to protect taxpayers dollars from abuse. We must ensure the program continues to work effectively and that the loans are meeting the needs of low-dollar borrowers, particularly in rural communities.”