RSSD.C. Council Calendar
Event Type: Hearing
Public Services & Consumer Affairs: Community Bank Small Business Lending Program
Public hearing on Bill 19-633: Community Bank Small Business Lending Program Act of 2011
Committee Chairs
Councilmembers
The stated purpose of Bill 19-633 is to establish a law creating a Community Bank Small Business Lending Program; to require bank participants to make loans to small businesses in the District in an aggregate amount of at least 200% of incremental funds deposited into the bank after the commencement of the program; to restrict the definition of qualifying loans to small business loans no greater than $3 million or real estate loans no greater than $5 million; to require that qualified borrowers be bona fide District small businesses; and to institute reporting requirements for participating banks.
