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Prohibition on Direct SBA 7(a) Loans

This bill prohibits the Small Business Administration (SBA) from directly making new loans under its 7(a) loan program. This means small businesses will need to seek these loans through banks and other financial institutions, rather than directly from the government. The SBA will continue to service loans made before this bill becomes law.
Key points
The Small Business Administration (SBA) will no longer directly issue new 7(a) loans.
Small businesses will need to seek 7(a) program funding exclusively from private lenders.
The SBA will continue to manage existing direct 7(a) loans made before this change.
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Expired
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Additional Information
Print number: 118_HR_5848
Sponsor: Rep. Luetkemeyer, Blaine [R-MO-3]
Process start date: 2023-09-29
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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

To prohibit the Administrator of the Small Business Administration from directly making loans under the 7(a) loan program, and for other purposes.

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_5848.

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 2023-09-29.

What are the main provisions?

Key points include:

  • The Small Business Administration (SBA) will no longer directly issue new 7(a) loans.
  • Small businesses will need to seek 7(a) program funding exclusively from private lenders.
  • The SBA will continue to manage existing direct 7(a) loans made before this change.
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. Luetkemeyer, Blaine [R-MO-3].

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