Microloan Improvement Act of 2024

The Microloan Improvement Act of 2024 modifies the Small Business Administration's microloan program to increase accessibility for small businesses. It raises the maximum loan amount for certain microloans from $7,500 to $10,000 and extends repayment terms to up to 7 years for loans of $10,000 or less and up to 10 years for larger loans. The bill also requires intermediaries (like community organizations) to report borrower payment history to credit bureaus, helping small businesses build credit, and reserves 15% of new microloan funds for designated underutilized states in the first two quarters of each fiscal year. These changes directly affect small business borrowers and SBA-approved intermediaries by improving loan terms and promoting equitable fund distribution across all U.S. states and territories.