Small Business Child Care Investment Act

This bill would let licensed nonprofit child care providers qualify for two Small Business Administration loan programs, the 7(a) program and the 504 program, by treating them as small businesses. To qualify, a provider must be a tax-exempt 501(c)(3) organization, mainly care for children from birth to school age, meet size standards, run criminal background checks on staff and regular volunteers, and certify that it will not discriminate. Loans would be made through banks and other lenders rather than directly by the agency. Providers seeking loans over $500,000 would need a payment guarantee from another person or entity. The agency would report to Congress each year on the number and amount of these loans.

Full text and official record on Congress.gov

Sponsors

• Susie Lee Democrat sponsor
• 2 cosponsors