House Small Business Committee Ranking Member Blaine Luetkemeyer (R-Mo.) expressed concerns with ICBA-opposed proposed changes to the SBA 7(a) loan program.
Concerns: In a CNBC.com op-ed and joint letter to congressional leaders with other Republicans on the committee, Luetkemeyer said the government should get out of the direct lending business—noting the reconciliation package would provide $4.5 billion to the SBA to make direct 7(a) loans.
Testimony: ICBA last week testified before the committee on the 7(a) proposal. Bank of Charles Town, W.Va., President and CEO Alice Frazier said experimenting with direct 7(a) lending—in which the agency has a poor track record—would jeopardize access to credit for small businesses.