WASHINGTON — Debate continues between the Republican Administration and the Democratic Congress, guarantor and lenders over SBA's zero-subsidy program that passes fees along to borrowers.
Congresswoman Melissa Bean (D-Ill.) and Small Business Committee Ranking Member Steve Chabot (R-Ohio) introduced legislation earlier this month that would provide "fee contributions" for the SBA 7(a) program, make permanent to Low-Doc and Community Express programs, as well as providing incentives for medical professionals to place their practices in underserved areas. Additionally, the Small Business Lending Improvements Act (H.R. 1332) would provide for a program to aid smaller lenders in delivering 7(a) loans.
For his part, Actors Federal Credit Union CEO Jeff Rodman told members of the House Small Business Committee during a March 8 hearing that fees passed through to borrowers under SBA's 7(a) zero-subsidy program are prohibitive, as well as the documentation procedures.
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