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H.R. 5302: State Small Business Credit Initiative Act of 2010

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H.R. 5302: State Small Business Credit Initiative Act of 2010

111th Congress · introduced 2010-05-13 · Finance and Financial Sector · Latest: Referred to the House Committee on Financial Services.

federal

Follow this bill, step by step

  1. Where it came from: introduced 2010-05-13 · official record
  2. Who proposed it: Rep. Peters, Gary C. [D-MI-9] · what a sponsor is
  3. What happened next: no floor votes in our records yet. Why?
  4. Where it stands now: Referred to the House Committee on Financial Services. Not final yet: this can still change. We check for updates every day.
  5. If it becomes law and spends money: follow the money to money laws, then agencies and contracts and grants.

What does this mean?

Official title

State Small Business Credit Initiative Act of 2010

Plain summary

State Small Business Credit Initiative Act of 2010 - Establishes a seven-year State Small Business Credit Initiative (Initiative), administered by the Secretary of the Interior to allocate federal funds to participating states with capital access programs. Prescribes eligibility criteria for state capital access programs providing portfolio insurance for business loans. Requires the portfolio insurance to be based on a separate loan-loss reserve fund for each financial institution, with: (1) premiums paid by the financial institution lenders and by the business borrowers to the reserve fund to have their loans enrolled in it; and (2) state contributions to the reserve fund in amounts equal to such premium charges. Limits portfolio insurance to loans of up to $5 million to borrowers with 500 employees or fewer at the time that the loan is enrolled in the program. Requires the Secretary to approve for federal contributions any state capital access program meeting specified minimum requirements. Authorizes a participating state that establishes a new, or has an existing, eligible credit support program to apply for the Secretary's approval of a state other credit support program [ sic ] for federal contributions to, or for the account of, the state program. Requires a state other credit support program, among other eligibility criteria, to demonstrate that one dollar of public investment by the state program will cause and result in one dollar of new private credit, with a reasonable expectation that, when considered with all other state programs, they together have the ability to use new federal contributions to cause and result in amounts of new small business lending at least 10 times the new federal contribution amount. Requires such a program to extend credit support to borrowers with an average size of 500 or fewer employees, but in no event to borrowers with more than 750 employees. Requires such credit support to target loans with an average principal amount of $5 million or less, but in no event more than $20 million. Authorizes the reduction of federal allocations to the state or termination of further allocation transfers to the state upon its termination of participation in the program, or failure to submit timely and complete reports, or its noncompliance with the terms of the allocation agreement. Directs the Secretary to: (1) establish minimum national standards for approved state programs; and (2) provide states with technical assistance for starting programs and generally disseminating best practices.

Congressional Research Service summary (Introduced in House), quoted unchanged (nonpartisan). Read the source.

What a vote does

A “Yea” vote

If it passes both chambers and is signed, it becomes law.

A “Nay” vote

If it is not passed, current law stays as it is.

PSI Sci description of the legislative step (not an opinion).

What does this mean? (plain words)

Official text

State Small Business Credit Initiative Act of 2010

Source: Congressional Research Service summary (Introduced in House)

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The strongest published arguments

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Alternatives

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How did my representative vote? · This bill's floor votes

Officials and money

Sponsor: Rep. Peters, Gary C. [D-MI-9] · 31 cosponsors

Cost estimate: No cost estimate published yet.

Cosponsors on this site

Eleanor Holmes Norton (D-DC), Paul Tonko (D-NY), Linda T. Sánchez (D-CA), Gwen Moore (D-WI), Henry C. "Hank" Johnson, Jr. (D-GA), Gregory W. Meeks (D-NY), James A. Himes (D-CT)

Sponsor's campaign money: Rep. Peters, Gary C. [D-MI-9] reported raising $303,094 (2025–2026). Details. Shown for context only; it does not mean any donor supported this bill.

No linked floor roll calls in our collected records yet. This does not mean the bill has never had a vote. Check the official bill history.

Words on this page, explained (1)
Ballot initiative
A proposed law or constitutional amendment that citizens place on the ballot by gathering enough voter signatures, so voters decide it directly. About half the states allow some form of it.

Plain meanings written from linked sources. All words.

Sources

Record fed-us-cong111-hr5302 · catalog fed-us-congress-bills-cong111 · updated 2026-11-15 by psicol fed-bills-cong111