Legislation to bar SBA direct lending under its 7(a) loan program was introduced amid an ICBA grassroots campaign opposing the policy.
Bill would bar SBA 7(a) direct lending
November 23, 2021 / By ICBA
Legislation to bar SBA direct lending under its 7(a) loan program was introduced amid an ICBA grassroots campaign opposing the policy.
Legislation to bar SBA direct lending under its 7(a) loan program was introduced amid an ICBA grassroots campaign opposing the policy.
Background: The legislation from House Small Business Committee Ranking Member Blaine Luetkemeyer (R-Mo.) responds to an ICBA-opposed provision of the Build Back Better reconciliation bill that would authorize the SBA to issue direct 7(a) loans.
ICBA Opposition: ICBA and other financial services groups last week urged congressional leaders to remove the provision, which ICBA has repeatedly spoken out against since it was introduced in September.
Congressional Opposition: In a separate letter last week, Luetkemeyer and House Financial Services Subcommittee on Housing Ranking Member French Hill (R-Ark.) urged the SBA to halt its direct lending efforts.
Grassroots: Community bankers can use ICBA’s Be Heard grassroots action center to urge Congress to oppose the SBA direct lending plan. Contact Congress here.
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