Fair Access to Small Business Lending Act
- Last Action
- 4/29/2021
Actions
- 2021-04-29Read twice and referred to the Committee on Small Business and Entrepreneurship.
- 2021-04-29Introduced in Senate
CRS Summary
As of 2021-04-29 (00)
Fair Access to Small Business Lending Act
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.
Subjects
- Appropriations
- Banking and financial institutions regulation
- Business investment and capital
- Government lending and loan guarantees
- Poverty and welfare assistance
- Small business
Sourced from Congress.gov (public domain).
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