Senate hearing examines rising defaults, underwriting changes and Community Advantage role in SBA 7(a) program
Senate Small Business and Entrepreneurship Committee members and lenders debated the effects of recent SBA rule and fee changes on 7(a) loan defaults, the role of fintech and nonbank lenders, and how the Community Advantage pilot supports startups and underserved borrowers.
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Chair Joni Ernst, chair of the Senate Committee on Small Business and Entrepreneurship, opened a hearing on the Small Business Administration's flagship 7(a) loan program by warning that recent rule changes and fee cuts have increased taxpayer risk and borrower defaults.
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