This week, U.S. Sen. Marco Rubio, R-Fla., introduced the “Fair Access to Small Business Lending Act.”
Rubio introduced the bill, which his office stressed“would encourage small business growth in underserved communities by creating new pathways through which they can obtain access to capital under the Small Business Administration’s (SBA) 7(a) loan program,” on Thursday.
“The legislation would authorize funds for the SBA Administrator to approve additional state-regulated lenders to participate in the 7(a) Loan Program, on the condition that at least 50 percent of lending is directed to small businesses in Low to Moderate Income (LMI) communities,” Rubio’s office noted.
“It shouldn’t be difficult for small businesses in low-income areas to access federal loan programs that are meant to serve them,” Rubio said on Thursday. “This bill would make it easier for small businesses to get a loan by making more lender options available to them. America’s small businesses are the backbone of our communities, and I will continue to help them access the funds needed to grow and thrive.”
Rubio’s bill was sent to the U.S. Senate Small Business and Entrepreneurship Committee, on which he serves, on Thursday. So far, there is no companion measure in the U.S. House and no co-sponsors in the Senate.
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