118th Congress Commerce
S. 1369: Fair Access to Small Business Lending Act of 2023
Introduced
- Introduced (completed)
- Passed Senate (not reached)
- Passed House (not reached)
- To the President (not reached)
- Became law (not reached)
Summary
This bill requires the Small Business Administration (SBA) to carry out an initiative to expand the availability of 7(a) loans to small businesses that are located in low- or moderate-income neighborhoods. (Under the 7(a) Program, the SBA provides business loans and loan guaranties to small business borrowers unable to obtain financing elsewhere.)
The SBA must expand authorization for providing 7(a) loans to lenders that meet the criteria to make such loans but have not otherwise been approved to do so. Such lenders must ensure that at least 50% of loans they make that are guaranteed pursuant to the bill are made to small businesses in low- or moderate-income neighborhoods.
Written by the Congressional Research Service, Library of Congress.
Roll calls
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Amendments
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History
- Introduced in the Senate by Marco Rubio.
Show the full action history (2 actions)
- Introduced in Senate
- Read twice and referred to the Committee on Small Business and Entrepreneurship.