PlainBillCongress, translated.Legislation. Context. Public interest.Read twice and referred to the Committee on Small Business and Entrepreneurship. (text of measure as introduced: CR 12/22/2005 S14324-14326)
Congressional Research Service
Version 00 · Introduced in Senate · Dec 21, 2005
Local Development Business Loan Program Act of 2005 - Amends the Small Business Act and the Small Business Investment Act of 1958 to, among other things: (1) state that the development company loan programs authorized under title V of the Small Business Act shall be known as the Local Development Business Loan Program (program); (2) authorize appropriations to the Administrator of the Small Business Administration (SBA) for financings under the program; (3) require qualified state or local development companies which do not apply to the SBA for foreclosure and liquidation of defaulted small business loans guaranteed by the SBA to contract with a qualified third party to perform such foreclosures and liquidations; (4) provide maximum loan eligibility and loan refinancing capacity for small businesses, including small businesses in low-income areas; (5) allow development companies to be designated as certified development companies and to issue debentures guaranteed by the SBA; and (6) provide development company operational authority, funding restrictions, and ethical requirements.
People & committees
Sen. Snowe, Olympia J. [R-ME] · R–ME
Legislative record
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Read twice and referred to the Committee on Small Business and Entrepreneurship. (text of measure as introduced: CR 12/22/2005 S14324-14326)
Sponsor introductory remarks on measure. (CR 12/22/2005 S14322-14323)
Introduced in Senate
Primary sources
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Source last updated: Sep 8, 2026. Consult Congress.gov for the current record.
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