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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.
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Status:
Expired
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Additional Information
Print number: 118_HR_3604
Sponsor: Rep. Donalds, Byron [R-FL-19]
Process start date: 2023-05-23
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 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.

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