WASHINGTON — The House overwhelmingly passed the Small Business Lending Improvements Act of 2007 (H.R. 1332) yesterday, which would help expand SBA-backed lending to provide small businesses the capital they need.

The bill, which passed 380-45, would direct the SBA administrator to establish a rural lending outreach program and a community express program for loans of $250,000 or less; provide special considerations for medical professionals looking to start their practices in Designated Shortage Areas; increase veteran participation; revise eligibility requirements for development company designation as a certified development company and require certain CDCs to contract for the foreclosure and liquidation of defaulted small business loans; and authorize SBA loans for projects which reduce energy consumption by at least 10%.

"Small businesses have had to pay increasing costs to access what was intended to be affordable financing for far too long now," Small Business Committee Chair Nydia Vel?zquez, who also co-sponsored the bill, said. "Today, with this bipartisan effort, entrepreneurs will see some relief."