7(a) Loan Agent Oversight Act

Ordered to be Reported by the Yeas and Nays: 25 - 0.

Bill 119 HR 1804, also known as the Small Business 7(a) Agent Report Act, aims to amend the Small Business Act to mandate a report on 7(a) agents. The Small Business Administration's 7(a) loan program provides small businesses with access to financing through participating lenders, known as 7(a) agents.

The bill requires the Small Business Administration to submit a report to Congress detailing information on 7(a) agents, including the number of agents, the amount of loans originated by each agent, and any fees or compensation received by agents. This report will provide transparency and accountability in the 7(a) loan program, ensuring that small businesses are receiving fair and equitable access to financing.

In addition to the report on 7(a) agents, the bill also includes provisions for other purposes related to small business lending. Overall, Bill 119 HR 1804 aims to improve oversight and transparency in the Small Business Administration's 7(a) loan program, ultimately benefiting small businesses seeking access to capital.