1. Short title This Act may be cited as the Women Small Business Growth Act . 2. Loan forgiveness program for small business owners who are women Part G of title IV of the Higher Education Act of 1965 ( 20 U.S.C. 1087a ) is amended by adding at the end the following: 493E. Loan forgiveness program for small business owners who are women (a) Program authorized The Secretary shall repay or cancel a qualified loan amount in accordance with subsection (b) for a loan made, insured, or guaranteed under part B or D for any borrower who meets one or more of the following: (1) The borrower is a woman who has been an owner of a small business concern owned and controlled by women for not less than 3 consecutive years. (2) The borrower is a woman who has been an owner of a small business concern that— (A) meets the requirements of paragraph (1); and (B) has created not less than 1 new job. (b) Qualified loan amount (1) Ownership Upon completion of the third or fourth year of the ownership described in subsection (a)(1), the qualified loan amount for a borrower, for each such year, shall be an amount equal to— (A) 15 percent of the original, aggregate principal amount of the loans; and (B) the amount of interest on such loans that accrues during the most recent year of such ownership. (2) Job creation For each year that a borrower meets the requirements of subsection (a)(2), the qualified loan amount shall be an amount equal to— (A) 20 percent of the original, aggregate principal amount of the loans; and (B) the amount of interest on such loans which has accrued (and which has not been forgiven under subsection (a)(1))— (i) in the case of the first new job created that meets the requirements of subsection (a)(2) after the borrower’s ownership period of not less than 3 consecutive years, during such ownership period and until such first job is created