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.
Status:
Expired
Record your position for audit.
Why does your vote on bills matter?
It creates raw, undeniable proof. Civic Will provides the permanent data to verify the Government's loyalty towards its citizens
(explained here).
Start recording it now.