Last week, U.S. Rep. Byron Donalds, R-Fla., showcased his “Expanding Access to Affordable Credit for Small Businesses Act” which he introduced earlier in the month.
“This bipartisan legislation optimizes the full capability of the free market by expanding the criteria of the Small Business Administration’s 7(a) loan program to allow fintech companies the opportunity to provide loans to America’s small businesses,” the congressman’s office noted.
“Fintech lending is the future of small business lending, and this legislation modernizes how small businesses access capital. Empowering and equipping the fintech sector of the economy to offer private loans creates more opportunities for American small enterprises to achieve prosperity,” said Donalds. “This is commonsense, bipartisan legislation that deploys a willing and ready private sector to meet the needs of our nation’s small businesses in a sustainable way and creates a pathway for entrepreneurs to pursue their American Dream.”
U.S. Rep. Jason Crow, D-Col., is co-sponsoring the proposal.
“Small businesses are the backbone of the U.S. economy. A big part of our work on the Small Business Committee is ensuring that our small business owners have the resources they need to succeed,” said Crow. “It’s my pleasure to work on a bipartisan basis with Congressman Donalds to expand the 7(a) small business loan program to ensure funding for our new and growing small businesses.”
The bill was sent to the U.S. House Small Business Committee. So far, there is no companion measure over in the U.S. Senate.
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