Small Business Loans: Banning Direct 7(a) Lending by SBA.
This bill prohibits the Small Business Administration (SBA) from directly issuing new loans under its primary 7(a) loan program. Small businesses seeking this type of financing will be required to obtain loans exclusively through private lenders, maintaining the traditional structure where the SBA guarantees, but does not originate, the credit. The SBA will continue to manage any direct loans issued before this law takes effect.
Key points
The SBA is prohibited from making any new direct loans to small businesses under the 7(a) program.
Small businesses must seek 7(a) financing solely through private financial institutions.
Status:
Expired
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