A group of 15 Republican senators led by Tim Scott (S.C.) continued pushing back against ICBA-opposed proposed changes to the SBA 7(a) loan program.
Senators continue opposition to 7(a) direct lending
October 07, 2021 / By ICBA
A group of 15 Republican senators led by Tim Scott (S.C.) continued pushing back against ICBA-opposed proposed changes to the SBA 7(a) loan program.
A group of 15 Republican senators led by Tim Scott (S.C.) continued pushing back against ICBA-opposed proposed changes to the SBA 7(a) loan program.
Letter: In a joint letter, the lawmakers say the reconciliation package’s $4.5 billion to fund direct 7(a) lending by the SBA would be inefficient, costly, and unequitable.
More: The message follows a recent House Small Business Committee joint letter and CNBC.com op-ed from Ranking Member Blaine Luetkemeyer (R-Mo.) opposing the proposal.
Testimony: Testifying last week, Bank of Charles Town, W.Va., President and CEO Alice Frazier said experimenting with direct 7(a) lending—in which the agency has a poor track record—would jeopardize access to credit for small businesses.
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