Detailed Summary

Small Business Financing and Investment Act of 2009 - Amends the Small Business Act and the Small Business Investment Act of 1958 to revise or add provisions concerning small business lending, including: (1) a rural lending outreach program; (2) a national lender training program; (3) pilot program authority; (4) a capital backstop program; (5) an independent appellate process within the Small Business Administration (SBA), with an SBA ombudsman; and (6) expanded eligibility and increased amounts for certain SBA loans.

Revises or adds provisions concerning the certified development company (CDC) economic development loan program, including: (1) increased program levels; (2) authority to issue loan debentures; (3) operational requirements; (4) the accredited lenders program; (5) the premier certified lenders program; (6) authority for accredited or premier CDCs to engage in multistate loan operations; (7) SBA guarantee of debentures issued by CDCs; (8) economic development debentures; (9) CDC project funding requirements; (10) private debenture sales and the pooling of debentures; (11) CDC authority to foreclose and liquidate SBA-guaranteed loans; and (12) additional CDC report requirements.

Increases eligibility for, and loan limits under, the SBA's Microloan program (small-scale loans to startup, newly-established, or growing small businesses for working capital or the acquisition of materials, supplies, or equipment).

Revises or adds provisions concerning the small business investment company (SBIC) program, including: (1) expedited SBIC licensing for experienced applicants; (2) revised loan leverage limitations for successful SBICs; (3) SBIC authority to invest in veteran-owned small businesses; and (4) increased SBIC program levels.

Revises or adds provisions concerning investment in small businesses engaged primarily in manufacturing and in renewable-energy small businesses.

Authorizes the SBA to guarantee loans to certain medical professionals for the acquisition of health information technology used in the professionals' practice.

Directs the SBA Administrator to establish and carry out a program to provide equity investment financing to support early-stage small businesses in specified targeted industries.

Revises requirements and increases loan limits under the SBA's disaster loan program.

Status of the Legislation

Latest Major Action: 11/2/2009: Referred to Senate committee. Status: Received in the Senate and Read twice and referred to the Committee on Small Business and Entrepreneurship.

Points in Favor

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Points Against

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