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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.
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Status:
Expired
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Additional Information
Print number: 117_S_2690
Sponsor: Sen. Scott, Tim [R-SC]
Process start date: 2021-08-10
System Note: Lustra is free, publicly auditable civic infrastructure, with full source code available on GitHub. You are reading sterilized legislative data, processed by our radical neutrality engine to strip political spin and retain factual mechanics. We process only official government data. Original documents remain the authoritative source, always verify them if you can.
Summarized by: gemini-2.5-flash-preview-05-20
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_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.

What is the impact of this bill?

We don't know, that is up to you to decide. Summarizing raw data with AI is fundamentally different from predicting socio-economic outcomes. As of 2026, we believe impact assessment strictly requires a human in the loop to verify and judge.

CATEGORIES

Economy