Cardin Statement — Small Business Administration, Making Changes to Its Lending Programs (April 12, 2023)

Summary

In an April 12, 2023 statement, Chair Ben Cardin of the Senate Committee on Small Business and Entrepreneurship responded to the Small Business Administration’s finalized rules on its lending programs. The rules lift the moratorium on licensing new Small Business Lending Companies, create a new SBLC license designation for non-profit organizations focused on lending to underserved communities, and change the affiliation and lending criteria for SBA Business Loan Programs. Cardin says he has concerns with some of the changes and looks forward to working with Administrator Guzman and committee colleagues.

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“Cardin Statement — Small Business Administration, Making Changes to Its Lending Programs (April 12, 2023).” Original at www.sbc.senate.gov. Archived at Pandemic Darlings, https://pandemicdarlings.com/source-documents/committee-4120c46fffa6739f/, SHA-256 e1436271453fdb168b582f24f7107bf563d65fda1f4f27af41fb6dfdd01d579f.

Full text

Title: Cardin Statement on Small Business Administration’s Final Rules Making Changes to Its Lending Programs
Date: 2023-04-12

Cardin Statement on Small Business Administration’s Final Rules Making Changes to Its Lending Programs

April 12, 2023

WASHINGTON – U.S. Senator Ben Cardin (D-Md.), Chair of the Senate Committee on Small Business and Entrepreneurship, today responded to the Small Business Administration’s finalized rules making changes to its lending programs. These rules lift the moratorium on licensing new Small Business Lending Companies, create a new SBLC license designation for non-profit organizations with a focus on lending to underserved communities, and make changes to the affiliation and lending criteria for SBA Business Loan Programs.

“The Small Business Administration understands the importance of access to capital for our underserved entrepreneurs. It’s also a priority of ours at the Small Business and Entrepreneurship Committee, which is why I appreciate SBA’s willingness to focus on this issue,” said Chair Cardin. “While I have concerns with some of these changes, I know we have a shared commitment to filling gaps in capital markets for underserved communities. There is no question that improvements can be made to SBA’s lending programs to allow them to assist more businesses in these communities, and I look forward to working with Administrator Guzman and my colleagues on the Committee to ensure that the rules’ intended purpose is fulfilled.”

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Permalink: https://www.sbc.senate.gov/public/index.cfm/2023/4/https-www-sba-gov-article-2023-04-12-us-small-business-administration-implements-rules-address-persistent-capital

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File: 2023-04-12_cardin-statement-on-small-business-administrations-final-rules-making.txt
Size: 1,826 bytes
SHA-256: e1436271453fdb168b582f24f7107bf563d65fda1f4f27af41fb6dfdd01d579f
Our copy: 2023-04-12_cardin-statement-on-small-business-administrations-final-rules-making.txt
Original: www.sbc.senate.gov