118th Congress · SENATE BILLBILL

S. 1369 — Fair Access to Small Business Lending Act of 2023

“A bill to expand access to capital in underserved markets by providing resources for the Small Business Administration to approve additional Non-Federally Regulated Lenders to make business loans guaranteed by the Small Business Administration to small business concerns in low-income and moderate-income neighborhoods.”

Commerce

Introduced Apr 27, 2023

Last action Apr 27, 2023

Pipeline · Bill → Law

Step 1

Introduced

Apr 27, 2023

Step 2

Referred

Apr 27, 2023

Small Business and Entrepreneurship

Step 3

Committee

Step 4

Senate

Step 5

House floor

Step 6

Resolve Changes

Step 7

Signed

SummaryCRS 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.

Provisions · 2 sectionsIntroduced in Senate

Timeline · 2 actions

Apr 27, 2023

Introduced in Senate

Apr 27, 2023

Read twice and referred to the Committee on Small Business and Entrepreneurship.