1. Short title This Act may be cited as the Community Advantage Loan Program Act of 2024 . 2. Community Advantage Loan Program (a) Establishment of Community Advantage Loan Program Section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) is amended by adding at the end the following: (38) Community Advantage Loan Program (A) Purposes The purposes of the Community Advantage Loan Program are— (i) to create a mission-oriented loan guarantee program; (ii) to increase lending to small business concerns in underserved and rural markets, including to new businesses; (iii) to ensure that the program under this subsection expands inclusion and more broadly meets congressional intent to reach borrowers who are unable to get credit elsewhere on reasonable terms and conditions; (iv) to help underserved small business concerns become bankable by utilizing the small dollar financing and business support experience of mission-oriented lenders; (v) to allow certain mission-oriented lenders, primarily financial intermediaries focused on economic development in underserved markets, access to guarantees for loans under this subsection and provide management and technical assistance to small business concerns as needed; and (vi) to assist covered institutions with providing business support services and technical assistance to small business concerns, when needed. (B) Definitions In this paragraph: (i) Community Advantage Network Partner The term Community Advantage Network Partner — (I) means a nonprofit, mission-oriented organization that acts as a Referral Agent to covered institutions in order to expand the reach of the program to small business concerns in underserved markets