Fair Access to Small Business Lending Act of 2023

Bill 118 s 1369, also known as the Fair Access to Small Business Lending Act of 2023, aims to address the issue of small businesses struggling to access affordable credit. The bill seeks to promote fair and equal access to credit for small businesses by requiring financial institutions to provide transparent and non-discriminatory lending practices.

Under this legislation, financial institutions would be prohibited from denying credit to small businesses based on factors such as race, gender, or geographic location. The bill also includes provisions to ensure that small businesses have access to information about the terms and conditions of loans, as well as the ability to compare different lending options.

Additionally, the Fair Access to Small Business Lending Act of 2023 would establish a Small Business Lending Advisory Board to provide guidance and recommendations to financial institutions on best practices for small business lending. This board would be composed of representatives from small businesses, financial institutions, and government agencies. Overall, this bill aims to level the playing field for small businesses seeking access to credit, and promote economic growth and job creation in communities across the United States.