Fair Access to Small Business Lending Act of 2023
- Last Action
- 4/27/2023
Actions
- 2023-04-27Read twice and referred to the Committee on Small Business and Entrepreneurship.
- 2023-04-27Introduced in Senate
CRS Summary
As of 2023-04-27 (00)
Fair Access to Small Business Lending Act of 2023
This bill requires the Small Business Administration (SBA) to carry out an initiative to expand the availability of 7(a) loans to small businesses that are located in low- or moderate-income neighborhoods. (Under the 7(a) Program, the SBA provides business loans and loan guaranties to small business borrowers unable to obtain financing elsewhere.)
The SBA must expand authorization for providing 7(a) loans to lenders that meet the criteria to make such loans but have not otherwise been approved to do so. Such lenders must ensure that at least 50% of loans they make that are guaranteed pursuant to the bill are made to small businesses in low- or moderate-income neighborhoods.
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.