Spano's Long-Term Relief Bill for Small Businesses Passes Committee
Today, the bipartisan bill to re-authorize the Community Advantage Loan Program, introduced by Rep. Ross Spano (R-FL) and Rep. Judy Chu (D-CA), passed the House Small Business Committee. This bill provides government-backed loans to small businesses nationwide in need of working capital.
"Small businesses and the jobs they create are key to a strong and robust economic recovery. The Community Advantage Program will help small businesses grow by allowing them access to low-cost capital. This will provide greater opportunities for all Americans," said Spano. "I wish to thank my colleagues on the Small Business Committee for coming together on this issue."
The Community Advantage Loan Program, which has been in a "pilot stage' since 2011, provides low-interest loans to small businesses that have been historically underserved by loan providers. This includes veteran-owned and service-disabled veteran owned businesses. The bill reauthorizes this program through the year 2025, providing much needed certainty to small businesses in need.
During committee deliberations, Rep. Spano offered an amendment to the bill. His amendment 1) expands the target area for community advantage loans to also include designated disaster areas; and 2) includes a provision to improve analysis of the impact of credit scores on the program. The committee passed this amendment, and the language is included in the final version of the bill.
The program will continue to operate as part of the Small Business Administration's (SBA) 7(a) Loan Program, the SBA's primary program for providing financial assistance to America's small businesses.