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Expanding Small Business Loans in Underserved Low-Income Neighborhoods.

This law aims to make it easier for small businesses in lower-income areas to secure government-guaranteed loans. It establishes an initiative allowing more non-federally regulated lenders to participate in the Small Business Administration (SBA) loan guarantee program. This change is designed to boost economic activity and job creation in communities that traditionally lack access to capital.
Key points
The government loan guarantee program is opened up to additional private, non-bank lending institutions.
New lenders must direct at least 50% of their guaranteed loans to small businesses located in low or moderate-income neighborhoods.
The goal is to increase capital access for entrepreneurs in economically disadvantaged areas, fostering local growth.
article Official text account_balance Process page
Expired
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Additional Information
Print number: 118_S_1369
Sponsor: Sen. Rubio, Marco [R-FL]
Process start date: 2023-04-27
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Fair Access to Small Business Lending Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1369.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-04-27.

What are the main provisions?

Key points include:

  • The government loan guarantee program is opened up to additional private, non-bank lending institutions.
  • New lenders must direct at least 50% of their guaranteed loans to small businesses located in low or moderate-income neighborhoods.
  • The goal is to increase capital access for entrepreneurs in economically disadvantaged areas, fostering local growth.
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. Rubio, Marco [R-FL].

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 2025-12-26.

CATEGORIES

Economy