Policy News – May 25, 2023

Small Business Lending Company (SBLC) Application Released

The Small Business Administration (SBA) recently unveiled the application guidelines for acquiring extra licenses for Small Business Lending Companies (SBLCs) following the implementation of the final rule on May 12, 2023. This rule lifted the previous ban on new SBLCs. The SBA will accept applications for new lenders in the Community Advantage (CA) Pilot Program until its conclusion on September 30, 2023. Read the application criteria here.

 

Consumer Financial Protection Bureau (CFPB) Releases Guide

The CFPB recently published its Small Entity Compliance Guide, which helps lenders comply with the new requirements of Sec. 1071 of the Dodd-Frank Act. Read the guidance here.

 

On The Hill

The House Ways and Means Committee Trade Subcommittee held a hearing on Thursday, May 25 titled, “Modernizing Customs Policies to Protect American Workers and Secure Supply Chains.”

The Committee on Small Business held a hearing on Wednesday, May 24 on “Saluting Service: Supporting Veteran Owned Small Businesses”

The Committee on Education and the Workforce held a hearing on Tuesday, May 23rd on “Protecting Employee’s Rights: Ensuring Fair Elections at the NLRB.”

Rep. Jason Crow (D-CO-6) introduced a bill to require the Administrator of the Small Business Administration to establish an Innovation Voucher Grant Program.

Rep. Byron Donald (R-FL-19) introduced a bill to authorize the Administrator of the Small Business Administration to license lending institution.

 

At the Agencies

The US Small Business Administration released a readout about Administrator Guzman visit to Cleveland to meet with local entrepreneurs. Read it here.

The US Department of Labor announced over $12M in grant funding available to support worker safety, and health training initiatives. Read the release here.