Microloan Transparency and Accountability Act of 2023

H.R. 449, the Microloan Transparency and Accountability Act of 2023, requires the Small Business Administration (SBA) to provide more detailed public reporting on its microloan program, which offers small-scale loans to entrepreneurs and small businesses. The bill mandates that the SBA track and disclose specific data, including loan default rates, the average interest rates and fees charged to borrowers, and the percentage of loans distributed to businesses in rural areas. By increasing oversight, the legislation aims to ensure that federal microloans are being distributed efficiently and reaching underserved communities as intended.