The 7(a) Program Risk Oversight Act modifies reporting requirements for the Small Business Administration's Office of Credit Risk Management regarding the agency's 7(a) loan guarantee program, which provides federal backing for loans made by banks and lenders to small businesses. The bill requires the annual report to include much more detailed breakdowns of program risk by loan size, borrower age, lender type, and loan origination date, and adds new reporting on defaulted loans, fraud cases, and loans in early delinquency. The legislation also mandates that the SBA make these detailed reports publicly available on its website within seven days of submitting them to Congress, increasing transparency about the performance and risks of the 7(a) program. The changes affect small business lenders, the SBA, and anyone interested in monitoring how federal loan guarantee programs are performing, but impose no new funding requirements.
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