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Chairman Williams: SBA's Decision to Lift 7(a) Moratorium is Irresponsible and Misguided
WASHINGTON, D.C. – Today, Chairman Roger Williams (R-TX) issued the following statement in response to the Small Business Administration’s (SBA) final rule changes to their flagship 7(a) lending program.
“The SBA is moving forward with their proposal to make themselves the primary regulator of more 7(a) lenders and while simultaneously reducing the underwriting standards for these government backed loans. Considering the office that will oversee these new entities has seen a 30% staff reduction since the pandemic, it is astounding that they think they are capable of properly rooting out bad actors within the program,” said Chairman Williams. “This final rule fails to take any of the concerns raised into account and didn’t make any material changes that would provide the necessary assurances that the SBA is putting the integrity of the program at risk. I hope we will be able to work in a bipartisan manner to stop this hastily crafted, flawed rule from moving forward so Congress can put the necessary guardrails on the program to increase access to capital for entrepreneurs without adding additional risk to the government backed loan portfolio.”
“The SBA is moving forward with their proposal to make themselves the primary regulator of more 7(a) lenders and while simultaneously reducing the underwriting standards for these government backed loans. Considering the office that will oversee these new entities has seen a 30% staff reduction since the pandemic, it is astounding that they think they are capable of properly rooting out bad actors within the program,” said Chairman Williams. “This final rule fails to take any of the concerns raised into account and didn’t make any material changes that would provide the necessary assurances that the SBA is putting the integrity of the program at risk. I hope we will be able to work in a bipartisan manner to stop this hastily crafted, flawed rule from moving forward so Congress can put the necessary guardrails on the program to increase access to capital for entrepreneurs without adding additional risk to the government backed loan portfolio.”
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