SBA Extends Comment Period for Small Business Lending Rule Changes
What happened
The Small Business Administration has extended the comment period for a proposed rule change regarding small business lending parameters until November 20. The agency received over 3,000 written submissions regarding the proposal. The rule change aims to consolidate existing industry-specific classifications into 338 broader standards, which the SBA estimates could allow 114,000 larger companies to qualify under the revised rule.
From americanbanker.com
Why it matters
The proposed changes would allow a greater number of companies to qualify for federal contracts and SBA loans. Americas Credit Unions, a major credit union trade group, has declared support for the revised standards, arguing they would expand lending opportunities for its member credit unions.
From americanbanker.com
Who's involved
- SBAAgency proposing rule changes to small business lending parameters.
- Ameris BancorpPublicly traded banking company affected by SBA lending parameters.
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The entities involved
- SBA
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Ameris Bancorp
publicly traded banking company
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