To establish an Office of Community Financial Institutions within the Small Business Administration that will strengthen the ability of Community Financial Institutions to support the development of small business concerns in underserved communities, and for other purposes.
About This Bill
Introduced
Latest Action · July 25, 2023
Placed on Senate Legislative Calendar under General Orders. Calendar No. 170.
The Supporting Community Lenders Act aims to strengthen the Small Business Administration's support for community financial institutions, which help provide loans and financial services to small businesses in underserved communities. The bill's original version would have created a new Office of Community Financial Institutions within the SBA, but a Senate committee amendment scaled this back to instead establish a Coordinator for Community Financial Institutions position within the SBA's existing Office of Capital Access. This coordinator would be appointed within 180 days of enactment, tasked with developing strategies to support community lenders, coordinating with agencies like the Treasury Department and FDIC, holding stakeholder meetings at least twice yearly, and reporting to Congress every three years on progress and recommendations. The legislation also requires the SBA's Office of Advocacy to promptly notify Congress if any long-term employee becomes ineligible for paid family and medical leave. Overall, the bill primarily affects small businesses seeking capital in underserved areas and the community lenders that serve them, along with the SBA's internal organizational structure.
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