Congress Passes ICBA-Supported Bill Strengthening Small-Business Lending
Washington, D.C (June 5, 2018)—The Independent Community Bankers of America® (ICBA) today thanked the Senate for passing pro-community bank legislation to strengthen the Small Business Administration 7(a) program, sending the bill to the president to be signed into law. The bipartisan Small Business 7(a) Lending Oversight Reform Act (H.R. 4743) includes targeted reforms to ensure the program continues safely expanding the reach of lending and credit services to a broader range of borrowers who would not qualify for a conventional loan.
“ICBA and the nation’s community bankers thank Congress for passing this much-needed bill to promote a robust and sustainable 7(a) program to help small businesses create jobs and strengthen our economy,” ICBA President and CEO Rebeca Romero Rainey said. “The Small Business Administration’s 7(a) loan program allows community banks to use their unique underwriting skills to more effectively serve local small businesses.”
H.R. 4743 would:
ICBA looks forward to continuing to work with Congress and the White House on important community banking issues.
The Independent Community Bankers of America®, the nation’s voice for nearly 5,700 community banks of all sizes and charter types, is dedicated exclusively to representing the interests of the community banking industry and its membership through effective advocacy, best-in-class education and high-quality products and services. For more information, visit ICBA’s website at www.icba.org.