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More Loans for Small Businesses: New Funding Opportunities

This act aims to make it easier for small businesses to access credit by allowing more institutions to provide loans. This means entrepreneurs will have more financing options, which can help grow their businesses and create jobs. Increased competition among lenders may lead to more favorable loan terms.
Key points
More institutions, including lending companies and non-federally regulated lenders, will be able to provide loans to small businesses.
All new institutions must meet strict anti-money laundering and counter-terrorism financing requirements.
The government cannot impose a moratorium on new licenses, ensuring a continuous flow of new lenders.
The Small Business Administration will regularly report on the number of loans issued and their recipients.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_S_2690
Sponsor: Sen. Scott, Tim [R-SC]
Process start date: 2021-08-10
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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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_S_2690.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-08-10.

What are the main provisions?

Key points include:

  • More institutions, including lending companies and non-federally regulated lenders, will be able to provide loans to small businesses.
  • All new institutions must meet strict anti-money laundering and counter-terrorism financing requirements.
  • The government cannot impose a moratorium on new licenses, ensuring a continuous flow of new lenders.
  • The Small Business Administration will regularly report on the number of loans issued and their 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 Sen. Scott, Tim [R-SC].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

CATEGORIES

Economy