HR 7467
Revolving Loan Fund Flexibility Act of 2020
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Sign in to take action- Introduced
- Passed House
- Passed Senate
- To President
- Became Law
Bill overview
This bill, the Revolving Loan Fund Flexibility Act of 2020, changes how grants provided through the Department of Commerce’s economic development programs can be used. Specifically, it allows organizations receiving these grants and administering revolving loan funds to transfer repaid loan amounts to other eligible projects within the same region. This flexibility aims to improve the efficiency of economic development investments by directing funds to the most promising opportunities. The bill requires the transferring organization to have more available lending funds than the average in its region and gives the Secretary of Commerce the discretion to approve or deny these transfers.
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