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H.R. 2831: Small Business Energy Loan Enhancement Act

This bill, known as the Small Business Energy Loan Enhancement Act, aims to amend the Small Business Investment Act of 1958. The main focus of the bill is to increase the maximum loan amounts available for certain types of loans provided under the Small Business Administration (SBA). Specifically, the bill proposes the following changes:

Increased Loan Limits

The maximum loan amounts specified in two clauses of the existing law will be increased from $5,500,000 to $10,000,000. This applies to:

Clause (iv) of Section 502(2)(A), which relates to specific types of small business loans.
Clause (v) of Section 502(2)(A), which pertains to another category of loans aimed at supporting small businesses.

Reporting Requirements

Within one year of the bill's enactment and annually thereafter, the Administrator of the Small Business Administration will be required to submit a report to Congress. This report must detail:

The industries that received loans under the increased maximums.
The geographic areas where these loans were distributed.

The objective of this increased loan limit is to provide greater financial support to small businesses, especially in sectors that may require substantial funding for expansion or energy-related projects. By enhancing access to larger loan amounts, the bill seeks to facilitate economic growth and development within the small business sector.