Washington, D.C.— Today, the House passed a set of six bipartisan bills that originated out of the House Small Business Committee. The bills feature measures to improve critical SBA lending programs and boost small business cyber-security protections. One bill, H.R. 3469, will reauthorize a program providing entrepreneurial development training to veterans. The House passed the legislation as the nation celebrates National Veterans Small Business Week.
“As small businesses continue to build back better in the wake of the COVID crisis, Congress must boost support for entrepreneurs in areas crucial to everyday success,” said Chairwoman Nydia M. Velázquez (D-NY). “These bipartisan bills will help ensure that small businesses are well-capitalized, better protected, and adequately trained.”
The bill would increase the percent of capital and surplus a financial institution or federal savings institution may invest in an Small Business Investment Company from 5 to 15 percent, subject to the approval of the appropriate federal banking agency.
The bill would require the Small Business Administration Office of Credit Risk Management (OCRM) to establish a registration system for 7(a) agents that assigns each a unique identifier and collects data to help OCRM track and evaluate loan performance for loans generated through loan agent activity.
The bill requires the OCRM to submit an annual report to Congress regarding the performance of and risk associated with loans generated through loan agent activity.
The bill would establish a cyber counseling certification program in Small business Development Centers (SBDCs) to provide specific, free-of-charge cyber training for small businesses. The cyber training provided by the nationwide network of SBDCs will offer crucial resources for small businesses to plan and implement cybersecurity protections and combat cyberattacks.
