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News & Press: WIPP Legislative Updates

Funding Restored for SBA Flagship Lending Program

Friday, July 31, 2015  
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WIPP Special Policy Briefing 


Funding Restored for SBA Flagship Lending Program


Last week, following a spike in lending in its 7(a) loan program, SBA announced it ran out of lending authority for the fiscal year. As a result no more loans could be processed unless Congress raised the lending cap. In only a matter of hours, more than $200 million in loans to small business came to a stop -- despite qualified applicants and banks wanting to lend.


WIPP, along with more than a dozen other advocacy groups, urged Congress to immediately rectify the situation. Fortunately, both the House and Senate acted quickly, restoring 7(a) lending through the end of the fiscal year. The bill to do so, H.R. 2499, also waived SBA loan fees for veterans.




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