League urges Congress to reject SBA direct lending proposal
Published by: Jared Weiser
January 12, 2022 | Political Action
With more than $228 million in PPP lending recently provided to Main Street businesses to preserve more than 40,000 Ohio jobs, Ohio credit unions are proven and effective small business lenders. That’s why Congress should do more to help credit unions reach more small businesses, not empower the Small Business Administration (SBA) to become a direct business lender. To combat this provision included in the House-passed version of the Build Back Better Act, the League asked the Ohio congressional delegation to support H.R. 6037 and S. 3382, the Protecting Access to Credit for Small Businesses Act. These bills would expressly prohibit the SBA from direct lending and preserve the current successful public-private partnership between the SBA and credit unions. Rather than enacting new government programs, the League encouraged Congress to further empower community-based lenders, like credit unions, to expand their ability to serve more people and small businesses by eliminating fields of membership that artificially limit access to affordable and local lending options.
Reach out to Legislative Affairs Director Jared Weiser for more information about H.R. 6037 and S.3382 or to get involved with League federal advocacy efforts.
