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A Study on the Micro Modernization Act of 2017 and Its Purpose

Updated August 1, 2022
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A Study on the Micro Modernization Act of 2017 and Its Purpose essay

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The micro-modernization act of 2017 is among the pending bills at the committee stage The small business and Entrepreneurship committee discuss this bill. The bill seeks to amend the Small business Act and increase the funding for Small Business Administration (SBA) from $5 million to $6 million to a particular intermediary. The act also stipulates that the microloan intermediary lenders should increase their expenditure from 25% to 50% to cater for technical support, marketing and management among other business related concerns to borrowers. This act is likely to expand the small business sector with increased chances of business prosperity. Approval of this bill will enable most of the small business operators to establish their business to larger enterprises because of the increase in funding and marketing support from the loan lenders.

As detailed in Civic Impulse (2018), Small Business Investment Opportunity Act of 2017 (sec.2) is halfway on the lawmaking progression. The bill was introduced in the house by Stephen Knight in 10th of May 2017, seeking to amend the Small Business Investment Opportunity Act of 1958. This amendment aims to increase the borrowing power of any licensed small business enterprise from $150 million to $175 million. Approval of this bill will create favorable grounds for small companies to access funding, establish and expand their business. The growth of the small companies will lead to more production and economic growth. However, this may lead to the emergence of more companies, generating competition that may lead to the decline of other companies. The approval of companies to borrow up to $175 million may lead to bad debts and financial liquidity.

 

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A Study on the Micro Modernization Act of 2017 and Its Purpose. (2022, Aug 01). Retrieved from https://samploon.com/a-study-on-the-micro-modernization-act-of-2017-and-its-purpose/

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