arrow_back Back to App

Expanding Access to Affordable Credit for Small Businesses

This act aims to make it easier for small businesses to get loans by allowing more institutions to offer loans under a key government program. It sets rules for licensing these institutions to ensure they are trustworthy and comply with financial crime regulations.
Key points
More financial institutions will be allowed to make loans under a program supporting small businesses.
Institutions applying for a license must meet strict requirements to prevent money laundering and other financial crimes.
The government agency (SBA) cannot stop issuing licenses and must start accepting applications within one year.
The SBA will report annually on applications, approvals, loans made, and loan recipients.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_6217
Sponsor: Rep. Donalds, Byron [R-FL-19]
Process start date: 2021-12-09
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-04-17
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

Expanding Access to Affordable Credit for Small Businesses Act

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_6217.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-12-09.

What are the main provisions?

Key points include:

  • More financial institutions will be allowed to make loans under a program supporting small businesses.
  • Institutions applying for a license must meet strict requirements to prevent money laundering and other financial crimes.
  • The government agency (SBA) cannot stop issuing licenses and must start accepting applications within one year.
  • The SBA will report annually on applications, approvals, loans made, and loan recipients.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Who is the primary sponsor?

The primary sponsor is Rep. Donalds, Byron [R-FL-19].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Small Business.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-28.

CATEGORIES

Economy