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  • Not enacted
    The President has not signed this bill
  • The senate has not voted
  • The house has not voted
      house Committees
      House Committee on Financial Services
    IntroducedMay 27th, 2010

Bill Details

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Title

Incentives for Successful Small Businesses Act of 2010

Official Title

To establish a program for providing loan guarantees and interest rate subsidies for successful companies to establish and implement long-term United States growth plans, and for other purposes.

Summary

Incentives for Successful Small Businesses Act of 2010 - Directs the Secretary of the Treasury to establish: (1) criteria for a long-term U.S. growth plan for any company or enterprise seeking incentives under this Act, as well as for U.S. expansion plans of successful small businesses that would qualify for such incentives; (2) procedures for loan guarantee and interest rate subsidy programs; and (3) a program to disseminate information rapidly about such programs and procedures. Directs the Secretary to establish a five-year program to provide guarantees of up to 80% of the principal of any loan which banks and lenders make at the lowest collateralized rate available to any successful small business to facilitate its U.S. expansion plans. Directs the Secretary to establish a five-year interest rate subsidy program to pay one percentage point of interest on any such loan to the extent the loan's annual percentage rate (APR) does not exceed the lowest collateralized rate available, minus the rate paid by the Secretary.

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