Rep. Meuser’s bill to strengthen the SBA loan program passes in House

A bill authored by U.S. Rep. Dan Meuser (R-PA) that seeks to strengthen accountability and combat fraud within the Small Business Administration’s 7(a) Loan Program was passed in the U.S. House of Representatives.

Meuser’s bill, the 7(a) Loan Agent Oversight Act (H.R. 1804), requires the Office of Credit Risk Management to submit an annual report to Congress regarding the performance of and risk associated with loans generated through loan agent activity.

“Access to capital remains one of the greatest barriers to growth for entrepreneurs, and the SBA’s 7(a) Loan Program must be efficient, stable, and well-managed,” Meuser said. “Unfortunately, the SBA’s Office of Inspector General has highlighted a growing need for stronger oversight of 7(a) loan agents due to increased fraud risks, with over $335 million in documented loan agent fraud having been identified.”