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Cardin Introduces Legislative Package to Empower Entrepreneurs in Underserved Communities

July 31st, 2019 by WCBC Radio

Senate Committee on Small Business & Entrepreneurship Ranking Member Ben Cardin (D-Md.) today introduced two bills to empower entrepreneurs in underserved communities.

 

The Closing the Credit Gap Act would make the Small Business Administration’s (SBA) 7(a) Community Advantage Pilot Program (CA) permanent, providing stability and certainty for existing lenders and attracting new lenders focused on underserved markets. In addition to codifying the requirement that Community Advantage lenders make at least 60 percent of their loans to borrowers in underserved markets, the bill expands the geographic and demographic reach of SBA loans by broadening the categories of businesses that are able to receive CA loans to include women and business owners who are socially and economically disadvantaged, regardless of business location.

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