Microloan Modernization Act of 2015

[AI summary unavailable — showing source text] Microloan Modernization Act of 2015 This bill amends the Small Business Act with respect to the rule under the Small Business Administration (SBA) Microloan Program (assisting low-income individuals to start and operate a small business) that permits SBA-designated microloan intermediary lenders to expend up to 25% of the grant funds they receive from the SBA to provide information and technical assistance to small business concerns that are their prospective borrowers. The SBA must establish a process by which these microloan intermediaries may apply for, and the SBA may grant, a waiver of this 25/75 allocation. This rule shall require any waiver applicant to: specify how it will use the additional technical assistance, and make assurances that the intermediary will have sufficient funds to provide technical assistance to all of the intermediary's borrowers. The total amount of loans outstanding and committed to any particular intermediary (excluding outstanding grants) from the SBA business loan and investment fund is increased from $5 million to $6 million for the remaining years of the intermediary's participation in the program. The SBA may not impose limitations on the repaym…