S 2690
Expanding Access to Affordable Credit for Small Businesses Act
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Sign in to take action- Introduced
- Passed Senate
- Passed House
- To President
- Became Law
Bill overview
This bill, the Expanding Access to Affordable Credit for Small Businesses Act, aims to increase the availability of loans to small businesses by expanding who can participate in the Small Business Administration’s (SBA) 7(a) loan program. It requires the SBA to license new types of lenders, including small business lending companies and non-depository institutions, alongside traditional banks. The bill also mandates that these lenders implement robust compliance programs to prevent money laundering and financial crimes, and requires regular reporting on loan applications, approvals, and loan recipients.
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