House Passes Bishop’s Bill to Increase Efficiency for SBA Loan Program

WASHINGTON, D.C.—Today, the U.S. House of Representatives passed Congressman Dan Bishop's 504 Credit Risk Management Improvement Act of 2021, which would increase and streamline oversight of the Small Business Administration's (SBA) 504 Loan Program, allowing small businesses to grow, modernize, and recover.

"Small businesses are the backbone of America's economy, and thankfully my fellow House members voted to ensure that support will be there when they need it.The SBA's 504 Loan Program has been at the forefront of small business aid. My legislation will increase efficiency and ensure it operates fairly for job creators and spends tax dollars responsibly. I want to thank Ranking Member Luetkemeyer and Chairwoman Velazquez for their support," said Rep. Bishop.

The 504 Credit Risk Management Improvement Act enhances the Office of Credit Risk Management at SBA, which oversees the 504 Loan Program. This program provides long-term, fixed-rate financing for small businesses to acquire major assets. The legislation outlines the specific oversight responsibilities during a review of the 504 Loan approval process and defines the penalties for violating SBA's rules.

The 504 Credit Risk Management Improvement Act of 2021 passed the House by a vote of 411-8. It now goes to the Senate for consideration.