Reps. Crow, Donalds Reintroduce the Expanding Access to Affordable Credit for Small Businesses Act
Bipartisan legislation empowers financial technology companies, expands access to capital for small businesses
WASHINGTON — Today, Congressman Jason Crow (D-CO-06) joined Congressman Byron Donalds (R-FL-19) to reintroduce the bipartisan Expanding Access to Affordable Credit for Small Businesses Act to expand the criteria of the Small Business Administration’s (SBA) 7(a) loan program and allow financial technology companies to provide loans for America’s small businesses.
First introduced in December 2021, this legislation would optimize the full capability of the free market by empowering regulated financial technology companies to play a larger role in expanding access to affordable capital for underserved small businesses.
“Small businesses make up over 99 percent of all businesses in Colorado and form the backbone of our economy. It’s critical we deliver the resources small businesses owners need to compete,” said Congressman Crow. “I’m glad to reintroduce this bipartisan legislation that expands the 7(a) small business loan program and will continue to modernize the Small Business Administration to meet the needs of new and growing small businesses.”
“Fintech lending is the future of small business lending, and this legislation modernizes how small businesses access capital. Empowering and equipping the fintech sector of the economy to offer private loans creates more opportunities for American small enterprises to achieve prosperity,” said Congressman Donalds. “I am proud to introduce this is commonsense, bipartisan legislation that deploys a willing and ready private sector to meet the needs of our nation’s small businesses in a sustainable way and creates a pathway for entrepreneurs to pursue their American Dream.”
As a former member of the House Small Business Committee, Congressman Crow has been an ongoing champion for Colorado’s small businesses. Last Congress, Crow’s bipartisan SBA Cyber Awareness Act was signed into law. In the 118th Congress, Crow introduced bipartisan legislation to help small businesses offer on-the-job learning opportunities to combat the labor shortage and to increase the maximum loan amount available to businesses to improve energy efficiency.
According to the Small Business Administration, Colorado is home to more than 691,000 small businesses, accounting for 99.5% of all businesses in the state.
Read the full text of the legislation here.