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News & Press: WIPP Legislative Updates

Senate Small Business Committee Passes Record Breaking Number of Bills

Monday, April 27, 2015  
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Policy Briefing Week of April 20


Senate Small Business Committee Passes Record Breaking Number of Bills

 

After years of a legislative logjam, the Senate Small Business Committee passed eight bills by unanimous consent. Actions on SBA lending programs topped the list by increasing funding levels for SBA’s 7(a) loan program, extending the low-interest refinancing provisions for loans under the SBA’s Local Development Business Loan Program (also known as the 504 program), and making loan information available to borrowers seeking SBA loans.

In addition, the Committee strengthened the Small Business Investment Company (SBIC) program which provides equity financing to small businesses. Rounding out the list was the adoption of legislation that waived fees on 7(a) loans for veterans and changing requirements for past performance of joint ventures and teams. The Committee modernized the Small Business Development Center program and increased funding levels for the SCORE program.


Senator Maria Cantwell (D-WA) noticed that the Committee failed to address concerns of the Women’s Business Center (WBC) program and expressed her intentions to increase assistance to women business owners by introducing an amendment. Cantwell introduced the Women’s Small Business Ownership Act in the 113th Congress. The WBC program supports the national network of more than 100 centers assisting women entrepreneurs.


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