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Joint Trades Letter to Senate Small Business Committee Supporting the "Community Advantage Loan Program Act of 2023"
Dear Chairman Cardin and Ranking Member Ernst:
As the leading organizations representing virtually all of the thousands of lenders participating in the U.S. Small Business Administration’s (SBA) 7(a) loan program, we write to express our appreciation for your leadership in responding to issues arising from recent policy changes made to the 7(a) program by SBA.
We support the mission of the 7(a) program to encourage lenders to provide loans to underserved small businesses. We remain concerned that SBA’s decision to lift the moratorium on the number of non-Federally regulated lenders in the 7(a) program while simultaneously loosening underwriting standards may negatively impact the performance of 7(a) loans, threaten the integrity of the program, and lead to increased borrower and lender fees