The bill, known as the “Microloan Improvement Act of 2024,” proposes changes to the Small Business Act to enhance the microloan program. It aims to increase the maximum amount for intermediaries to $10,000 and allows for fixed-rate lines of credit. The bill also seeks to extend repayment...
Simple Explanation
The bill called the "Microloan Improvement Act of 2024" is like a helper for small businesses to get more money and pay it back over a longer time. It also tries to share money more fairly with places that don't usually get enough help.