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Small Business Administration headquarters building entrance Small Business Administration headquarters building entrance (Image: Shutterstock).

CUNA, NAFCU and even the American Bankers Association received a potential glimpse of good news on Tuesday as Sen. Tim Scott (R-S.C.) introduced a bill to prevent the Small Business Administration from becoming a direct lender.

Sen. Scott’s bill, the Protecting Access to Credit for Small Businesses Act, would thwart the SBA from making loans under its 7(a) program. This bill added a new wrinkle to the ongoing push by NAFCU, CUNA and other organizations to stop President Joe Biden’s provision in the “Build Back Better” bill that would allow the SBA to lend money directly to businesses.

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Michael Ogden

Editor-in-Chief for CU Times.

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