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Easier Access to Loans for Small Businesses

This act aims to make it easier for small businesses to access loans by allowing more institutions to provide them. This potentially means more financing options for entrepreneurs, which can support the growth of local businesses and job creation. It also introduces new oversight rules for these institutions to ensure financial security.
Key points
More institutions will be able to provide loans to small businesses, increasing financing availability.
New rules require financial institutions to have anti-money laundering and counter-terrorism financing programs.
The Administrator cannot impose a ban on licensing new lending institutions.
Regular reports will be made on the number of licenses granted and loans made, including demographic data of recipients.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_3604
Sponsor: Rep. Donalds, Byron [R-FL-19]
Process start date: 2023-05-23
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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 118_HR_3604.

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 2023-05-23.

What are the main provisions?

Key points include:

  • More institutions will be able to provide loans to small businesses, increasing financing availability.
  • New rules require financial institutions to have anti-money laundering and counter-terrorism financing programs.
  • The Administrator cannot impose a ban on licensing new lending institutions.
  • Regular reports will be made on the number of licenses granted and loans made, including demographic data of 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 2025-12-25.

CATEGORIES

Economy