WASHINGTON — Senate Small Business Committee Chairman John Kerry (D-Mass.) has introduced legislation together with Ranking Member Olympia J. Snowe (R-Maine) and plans to hold a markup this month intended to expand and improve the government's top lending programs.

The committee recently announced that it will hold a markup on Wed., May 16 of the Small Business Lending Reauthorization and Improvements Act of 2007 (S. 1256). "We need to make loans more accessible to small business owners whether they're starting out or looking to expand, in big cities or rural communities," Kerry said. "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."

The bill would 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; and expands Certified Development Companies, among other things.