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WASHINGTON – Today, the House of Representatives passed five bipartisan small business bills to increase the Small Business Administration’s (SBA) transparency, reduce financial barriers for Main Street borrowers, and provide entrepreneurs with the tools needed to navigate the emerging technology of artificial intelligence.

“Whether it’s adapting to new technologies like AI or gaining access to essential startup capital, small businesses face a unique set of challenges in today’s economy,” said Ranking Member Nydia M. Velázquez (D-NY). “These bipartisan bills are about meeting entrepreneurs where they are and making sure the SBA has the right tools to support them.”

H.R. 3496 – Northern Mariana Islands Small Business Access Act

Introduced by Reps. Kimberlyn King-Hinds (R-MP) and Herbert C. Conaway Jr. (D-NJ)

This bill expands access to the SBA’s Microloan program to small businesses in the Commonwealth of the Northern Mariana Islands, ensuring entrepreneurs in the territory have the same financial opportunities as those on the mainland. 

H.R. 5763 – Main Street Parity Act

Introduced by Chairman Roger Williams (R-TX) and Rep. Lateefah Simon (D-CA)

The Main Street Parity Act eliminates the 504/Certified Development Company (CDC) loan program "special purpose penalty." It lowers the equity requirement for small business borrowers financing “special purpose properties” from 15 or 20 percent down to 10 percent, bringing these loans in line with standard program requirements.

H.R. 5764 – AI for Mainstreet Act

Introduced by Reps. Mark Alford (R-MO) and Hillary J. Scholten (D-MI)

This bill authorizes Small Business Development Centers (SBDCs) to assist small businesses with evaluating and implementing the use of artificial intelligence (AI) to improve their operations and competitiveness.

H.R. 5784 – Artificial Intelligence Wisdom for Innovative Small Enterprises (AI-WISE) Act

Introduced by Reps. Hillary J. Scholten (D-MI) and Troy Downing (R-MT)

This legislation requires the SBA to develop AI literacy resources through its existing e-learning platform and allows resource partners to adapt these materials for specific local community needs.

H.R. 5788 – 504 Program Risk Oversight Act

Introduced by Reps. Derek Tran (D-CA) and Jimmy Patronis (R-FL)

The 504 Program Risk Oversight Act strengthens transparency by requiring the SBA to conduct an annual risk assessment of the 504/CDC program and provide a detailed report to Congress by December 1st each year.

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