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House expands SBA loans, aims to reduce fees

The House approved legislation designed to increase use of the Small Business Administration's business loan programs by reducing fees for borrowers, and targeting assistance to veterans and low-income areas.

The bill passed by a 380-45 margin, despite opposition from the Bush administration. The Senate will begin work on similar legislation later this month.

The legislation authorizes the SBA to reduce fees on its popular 7(a) business loans if Congress appropriates money for that purpose. Fees on these loans were reduced following the Sept. 11, 2001 terrorist attacks as a way to stimulate the economy, but they went back up in October 2004 when Congress decided to stop subsidizing the government-guaranteed loans. Fees on borrowers and lenders now cover loan defaults and other program costs.


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