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For Immediate Release
June 21, 2018
ABA Media Contact: Ian McKendry
(202) 663-5473
Follow us on Twitter: @ABABankers

ABA Thanks President Trump for Signing Bill to Improve SBA 7 (a) Loan Program

By Rob Nichols, ABA president and CEO

​“We thank President Trump for signing the Small Business 7 (a) Lending Oversight Reform Act of 2018 into law this afternoon.  SBA programs are an important part of business lending for many banks, helping to fill a critical gap, particularly for early-stage businesses that need access to longer-term loans.  This bipartisan bill will help strengthen oversight of the SBA’s loan programs while providing the SBA with the flexibility it needs to help ensure its strength into the future. 
“We would also like to thank Senator Risch, Senator Shaheen, Representative Chabot and Representative Velazquez for introducing this measure.  Their actions recognize the value of this important public-private partnership, and will help drive economic growth.”
The American Bankers Association is the voice of the nation’s $17 trillion banking industry, which is composed of small, regional and large banks that together employ more than 2 million people, safeguard $13 trillion in deposits and extend nearly $10 trillion in loans.