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Permanent Small Business Loans: Supporting Underserved and Rural Communities.

This Act permanently establishes the Community Advantage Loan Program, significantly boosting access to financing for small businesses, particularly those in rural and underserved markets. It also introduces stricter oversight for Small Business Lending Companies (SBLCs), including mandatory annual stress tests and capital requirements, ensuring greater stability and integrity in federal loan programs. This provides small businesses with more reliable access to capital for growth.
Key points
Permanent Loan Access: Small businesses in rural and low-to-moderate-income areas gain stable access to guaranteed loans up to $350,000 (or $750,000 for experienced lenders).
Increased Oversight: Mandatory annual stress tests and compliance audits (e.g., Bank Secrecy Act/AML) are introduced for Small Business Lending Companies (SBLCs).
Focus on Underserved Markets: Lenders must ensure that at least 60% of their loans under this program go to businesses in designated underserved markets.
Clearer Lending Rules: Standardized underwriting criteria are set, especially for loans under $350,000, simplifying the application process for smaller financing needs.
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Additional Information
Print number: 118_S_2482
Sponsor: Sen. Cardin, Benjamin L. [D-MD]
Process start date: 2023-07-25
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

Community Advantage Loan Program Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_2482.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-07-25.

What are the main provisions?

Key points include:

  • Permanent Loan Access: Small businesses in rural and low-to-moderate-income areas gain stable access to guaranteed loans up to $350,000 (or $750,000 for experienced lenders).
  • Increased Oversight: Mandatory annual stress tests and compliance audits (e.g., Bank Secrecy Act/AML) are introduced for Small Business Lending Companies (SBLCs).
  • Focus on Underserved Markets: Lenders must ensure that at least 60% of their loans under this program go to businesses in designated underserved markets.
  • Clearer Lending Rules: Standardized underwriting criteria are set, especially for loans under $350,000, simplifying the application process for smaller financing needs.
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. Cardin, Benjamin L. [D-MD].

What is the latest detailed status?

The latest detailed status is: Placed on Senate Legislative Calendar under General Orders. Calendar No. 158.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

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