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ICBA Commends Sens. Kerry and Snowe for Advancing Small Business Legislation

Washington, D.C. (May 16, 2007)—The Independent Community Bankers of America (ICBA) applauds Senate Small Business and Entrepreneurship Committee Chairman John Kerry (D-Mass.) and Ranking Minority Member Olympia Snowe (R-Maine) for advancing the ICBA-endorsed Small Business Lending Reauthorization and Improvements Act (S. 1256) out of committee for consideration by the full Senate.

"This measure will revitalize the Small Business Administration's 7(a) and 504 loan programs that help communities develop new businesses and jobs," said James P. Ghiglieri, Jr, ICBA chairman and president of Alpha Community Bank, Toluca, Ill. "ICBA thanks Senator Kerry and Senator Snowe for their diligence in securing needed reform for the Small Business Administration loan programs and the communities that need these programs."

The bill passed the committee with unanimous support. The bill would establish a 7(a) rural lender outreach program with an 85 percent guarantee for loans up to $250,000; allow combined 7(a) and 504 financing; increase SBA 7(a) loan size limit and permit borrower and lender fees to be reduced commensurate with a congressional appropriation. Last month the House cleared H.R. 1332, a companion bill with ICBA recommendations.

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