Fair Access to Small Business Lending Act

Summary

Fair Access to Small Business Lending Act 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.

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Documents

3 official files

• Introduced in Senate (text)

  Introduced in Senate · EN · 29 April 2021

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• Introduced in Senate (PDF)

  Introduced in Senate · EN · 29 April 2021

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• Introduced in Senate

  summary · EN · 29 April 2021

  Open at official source

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