Senate to Markup Small Biz Lending Re-Up
WASHINGTON -- The Senate Small Business Committee has slated a markup of the Small Business Lending Reauthorization and Improve-ments Act of 2007 (S. 1256) for Wed., May 16.
Senate Small Business Committee Chairman John Kerry (D-Mass.) introduced legislation with Ranking Member Olympia J. Snowe (R-Maine). "This legislation will help more entrepreneurs get loans, expand the network of lenders, and simplify the approval process. Our bill will expand the reach of these programs to underserved communities, including minorities and women, so they will have a fair shot at getting the capital they need to achieve the American dream," said Kerry.
The bill authorizes the SBA to back nearly $100 billion in loans over the next three years; establishes an Office of Minority Small Business Development; creates a National Preferred Lenders Program to streamline 7(a) approvals; allows small businesses to receive the maximum amounts under both the 7(a) and 504 programs; expands Certified Development Companies' access to financing; creates a Child Care Lending Pilot Program to give not-for-profit child care providers access to SBA's 504 loans for fixed assets; directs SBA to establish an optional standard for determining if a borrower is a small business and eligible for an SBA loan; and tailors the 7(a) program to encourage lending in rural areas.