December 3, 2020: Chairwoman Velázquez's floor remarks on H.R. 7903. The bill, sponsored by Rep. Chu and Rep. Spano, would authorize the Community Advantage program for five years.
During the 116th Congress, Senator Cardin (D-MD), as well as Representative Chu (D-CA-27) and Representative Spano (R-FL-15) introduced legislation to authorize the Community Advantage (CA) program. Achieving CA program authorization is an essential step towards ensuring that the most underserved small businesses receive the capital they need to grow and thrive. The House and Senate bills also expand the definition of underserved target markets to include businesses owned by women and people of color.
During the 116th Congress, Senator Cardin (D-MD), as well as Representative Chu (D-CA-27) and Representative Spano (R-FL-15) introduced legislation to authorize the Community Advantage (CA) program. Achieving CA program authorization is an essential step towards ensuring that the most underserved small businesses receive the capital they need to grow and thrive. The House and Senate bills also expand the definition of underserved target markets to include businesses owned by women and people of color.
In the House
Rep. Chu (D-CA-27) and Rep. Spano (R-FL-15) introduced H.R.7903 on July 31st, 2020. H.R.7903 authorizes the CA program for five years, until September 30th, 2025. On September 16th, 2020, the House Small Business Committee marked up H.R. 7903 and passed it out of the Committee. Rep. Spano proposed an amendment that would expand the definition of “underserved communities” to include areas impacted by natural disasters. Rep. Spano’s amendment would also require the SBA to publish CA loan performance reports disaggregated by credit score. Rep. Crow (D-CO-06) proposed an amendment that would increase the required proportion of CA loans to underserved communities from 60% to 75%. On December 3rd, 2020, H.R. 7903 passed out of the House with a two-thirds majority, setting a strong precedent for CA authorization legislation in the 117th Congress.
On July 31st 2020, the MLWG submitted an endorsement letter for H.R.7903 to Rep. Chu and Rep. Spano. The MLWG also created a section-by-section summary of H.R.7903.
On July 31st 2020, the MLWG submitted an endorsement letter for H.R.7903 to Rep. Chu and Rep. Spano. The MLWG also created a section-by-section summary of H.R.7903.
|
Hearings March 10, 2021 | House Small Business Committee Hearing: The Next Steps for the Paycheck Protection Program Download Testimony: December 3, 2020 | House Floor Vote on H.R. 7903 September 16, 2020 | House Small Business Committee Markup May 21, 2019 | House Small Business Committee Hearing: Investing in Community: The SBA’s Community Advantage Loan Program Download Testimony: |
March 10, 2021: Rep. Chu and Hilda Kennedy discuss how mission lenders and the CA program are instrumental in reaching underserved communities.
December 3, 2020: The House votes to pass H.R. 7903 with a two-thirds majority.
|
In the Senate
Senator Cardin (D-MD) introduced S.2361 on July 31st, 2019. S.2361 proposed full CA authorization without a sunset date. Before the conclusion of the 116th Congress, the bill was awaiting markup in the Senate Small Business Committee.
Hearings
April 3, 2019 | Senate Small Business Committee Hearing:
Reauthorization of SBA's Access to Capital Programs
Download Testimony:
September 14, 2018 | Senate Small Business Committee Field Hearing:
Strengthening Access to Capital for Minority-Owned Small Businesses
Download Testimony:
Hearings
April 3, 2019 | Senate Small Business Committee Hearing:
Reauthorization of SBA's Access to Capital Programs
Download Testimony:
September 14, 2018 | Senate Small Business Committee Field Hearing:
Strengthening Access to Capital for Minority-Owned Small Businesses
Download Testimony:
- Ms. Dawn Medley - Vice President of Business Finance Programs, FSC First
- Ms. Marla Bilonick - Executive Director, Latino Economic Development Center