ICBA’s grassroots campaign against efforts to authorize SBA direct lending under its 7(a) loan program got a boost Tuesday in the Senate and House.
Senate Bill: Sen. Tim Scott (R-S.C.) introduced the Senate version of ICBA-advocated legislation to bar SBA direct lending, which responds to an ICBA-opposed provision of the reconciliation bill that would authorize SBA direct 7(a) loans.
House Letter: House Small Business Committee Ranking Member Blaine Luetkemeyer (R-Mo.), who introduced the House version of the bill last month, separately asked the SBA’s inspector general to answer questions on the agency’s previous performance as a direct lender.
Additional Activity: Luetkemeyer and House Financial Services Subcommittee on Housing Ranking Member French Hill (R-Ark.) previously urged the SBA to halt its direct lending efforts, which ICBA has repeatedly spoken out against since the provision was introduced in September.
Grassroots: Community bankers can use ICBA’s Be Heard grassroots action center to urge Congress to oppose the SBA direct lending plan.