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.”