It's nice to see SMBs so squarely in the middle of federal government efforts to boost the level of innovation in the U.S.
The Small Business Lending Improvement Act (H.R. 1332), which would make 7(a) loans more affordable for small businesses, is one of three pieces of legislation that are part of a so-called Innovation Agenda.
H.R. 1332 also would establish a rural lender outreach program and increase to 90 percent the guaranteed portion of loans made to veteran-owned small businesses, writes Rep. Jim Moran (D-Va.) in the Falls Church News-Press.
Though the Bush administration is supportive of the broad Innovation Agenda, it does not support H.R. 1332. According to CQ.com, the administration increased 7(a) loan fees in late 2004 in an effort to reduce program costs.