President Donald Trump yesterday signed into law a NAFCU-backed bill to strengthen the Small Business Administration’s (SBA) 7(a) loan program. A NAFCU witness testified in support of the Small Business 7(a) Lending Oversight Reform Act (H.R. 4743) before the House Small Business Committee in January.
“We thank President Trump for recognizing the importance of bolstering the SBA’s 7(a) loan program, which is critical to credit unions’ ability to provide loans to small businesses and entrepreneurs in their communities,” said NAFCU President and CEO Dan Berger. “This was a bipartisan effort led by Senate Small Business and Entrepreneurship Committee Chairman [Jim] Risch, Ranking Member [Ben] Cardin and Committee Member [Jeanne] Shaheen, and House Small Business Committee Chairman [Steve] Chabot and Ranking Member [Nydia] Velázquez, and we appreciate their work on this issue.”
The act increases the SBA’s oversight authority over the 7(a) loan program by:
- strengthening SBA’s Office of Credit Risk Management by outlining in statute the responsibilities of the office and the requirements of its director;
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