May 8, 2018

House passes H.R. 4743 Small Business 7(a) Lending Oversight Reform Act of 2018 


The House of Representatives this afternoon passed H.R. 4743, the Small Business 7(a) Lending Oversight Reform Act of 2018

Tony Wilkinson, NAGGL President & CEO, said in a statement, “On behalf of NAGGL, the 7(a) lending industry, and the hundreds of thousands of small business borrowers across the country that have been helped by the 7(a) program, I applaud Chairman Chabot, Ranking Member Velázquez, and the members of the House Committee on Small Business for their leadership in passing H.R. 4743 through the House. This is a commonsense reform measure that will improve SBA’s oversight of the 7(a) loan program and ensure that 7(a) lending continues to operate with integrity for years to come. I am grateful to Chairman Chabot and Ranking Member Velázquez for the time and effort that they put into working with industry stakeholders and SBA to craft a meaningful and thoughtful piece of legislation that will encourage lenders to continue providing access to capital for the country’s small businesses.”

The bill now heads to the Senate, where it must be passed before reaching the president’s desk for signature. The Senate has its own version of the oversight reform bill -- S. 2283 -- which has minor differences to H.R. 4743. It remains to be seen how those differences will be reconciled. NAGGL urges the Senate to act swiftly on 7(a) reform legislation. 

For a summary of the reform bill process and a section-by-section breakdown of what is included in the bill, click here >

National Association of Government Guaranteed Lenders, Inc.
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