Representative Byron Donalds (R-FL) has re-introduced the bipartisan Expanding Access to Affordable Credit for Small Businesses Act, marking his 32nd piece of legislation in the 118th, Congress.
It has only been 137 days since the 118th Congress began.
The Expanding Access to Affordable Credit for Small Businesses Act looks to maximize the potential of the free market by “expanding the criteria of the Small Business Administration’s 7(a) loan program to allow fintech (financial tech) companies the opportunity to provide loans to America’s small businesses.”
According to Plaid – a service that allows you to connect your financial accounts together – fintech is “any app, software, or technology that allows people or businesses to digitally access, manage, or gain insights into their finances or make financial transactions.”
Rep. Donalds gave his thoughts concerning the bill’s introduction, calling fintech the “future of small business lending.”
“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 Rep. 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.”
Moreover, Representative Jason Crow (D-CO) shared his thoughts as well, stating that it is “critical we deliver the resources small business owners need to compete.”
“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 Rep. 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.”
This bill, which looks to facilitate the authorization of loans to small business borrowers unable to obtain financing elsewhere, will try to find its way on to the House floor and eventually to the President’s desk.