Gardner Advances Small Business Lending Bill
Washington, DC – Senator Cory Gardner (R-CO) announced today that the Small Business Lending Reauthorization Act, which he has sponsored in the United States Senate, advanced out of the Senate Committee on Small Business & Entrepreneurship today on a unanimous voice vote.
The Act, which would raise the authorization cap of 7(a) small business loans, is a response to the increasing demand for access to capital from small businesses in Colorado and nationwide. The 7(a) program has experienced great success over the past few years, increasing lending at zero cost to the federal government. This popularity, however, means that the program is approaching its lending limit.
"Small businesses across Colorado are using 7(a) loans to grow their businesses, expand their facilities, and export their products to new markets," Gardner said. “This program has proven itself a success, and its expansion is a no-brainer. I made small businesses one of the key tenets of my Four Corners Plan for Colorado, and I’m proud to sponsor this legislation in the United States Senate. I’ll work to ensure this bill passes the Senate and starts benefiting Colorado entrepreneurs as soon as possible.”
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