A group of lawmakers introduced legislation Tuesday designed to increase the Small Business Administration’s (SBA) oversight authority over one of its loan programs.
Senate Small Business and Entrepreneurship Committee Chairman Jim Risch (R-ID), House Small Business Committee Chairman Steve Chabot (R-OH), and Ranking Members Jeanne Shaheen (D-NH) and Nydia Velázquez (D-NY) said the Small Business 7(a) Lending Oversight and Reform Act of 2018 would enhance efforts to help entrepreneurs and small businesses access credit to start and grow their businesses.
“The 7(a) loan program has leveraged billions of dollars to help America’s small businesses thrive,” Risch said. “By bolstering the SBA’s oversight office and providing the Administrator with flexibility to increase the program’s maximum lending authority in the event it would be reached, this bill will ensure the strength of the program into the future, guaranteeing that entrepreneurs will have access to the critical capital they need to build and grow their businesses. The bipartisan and bicameral support underscores just how important the 7(a) program, and the capital it provides, is to our nation’s small business owners.”
The legislators said the House Small Business Committee has a long tradition of working across the aisle to promote opportunity and job growth for America’s small businesses.
“Since its inception, the 7(a) initiative has provided new and existing ventures with financing to grow and create jobs in local communities,” Velázquez said. “Under this legislation, SBA will have more tools to meet small businesses’ needs. I’m particularly pleased the bill includes provisions allowing SBA to raise its 7(a) lending cap, so there’s no interruption in the flow of loans to small firms.”