SEED Act

I 116TH CONGRESS 1ST SESSION H. R. 5272 To amend the Small Business Act to require lenders to refer certain borrowers to a small business development center, and for other purposes. IN THE HOUSE OF REPRESENTATIVES NOVEMBER 26, 2019 Ms. SA´NCHEZ (for herself, Mr. TED LIEU of California, Mr. LOWENTHAL, Mrs. TORRES of California, Ms. ROYBAL-ALLARD, Mr. COX of California, and Mr. CISNEROS) introduced the following bill; which was referred to the Committee on Small Business A BILL To amend the Small Business Act to require lenders to refer certain borrowers to a small business development center, and for other purposes. Be it enacted by the Senate and House of Representa- 1 tives of the United States of America in Congress assembled, 2 SECTION 1. SHORT TITLE. 3 This Act may be cited as the ‘‘Supporting Entre- 4 preneurs and Economic Development Act’’ or the ‘‘SEED 5 Act’’. 6 VerDate Sep 11 2014 02:44 Dec 06, 2019 Jkt 099200 PO 00000 Frm 00001 Fmt 6652 Sfmt 6201 E:\BILLS\H5272.IH H5272 kjohnson on DSK79L0C42 with BILLS 2 •HR 5272 IH SEC. 2. SMALL BUSINESS DEVELOPMENT CENTER REFER- 1 RALS. 2 Section 7(a) of the Small Business Act (15 U.S.C. 3 636(a)) is amended by adding at the end the following 4 new paragraph: 5 ‘‘(36) SMALL BUSINESS DEVELOPMENT CENTER 6 REFERRALS.—If a lender determines that a bor- 7 rower is not eligible for a loan under this subsection, 8 such lender shall refer the borrower to a small busi- 9 ness development center. Such referral shall in- 10 clude— 11 ‘‘(A) the address, phone number, and 12 website (if available) of such center; and 13 ‘‘(B) a description of the services offered 14 by such center.’’. 15 Æ VerDate Sep 11 2014 02:44 Dec 06, 2019 Jkt 099200 PO 00000 Frm 00002 Fmt 6652 Sfmt 6301 E:\BILLS\H5272.IH H5272 kjohnson on DSK79L0C42 with BILLS