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The U.S. Small Business Administration today published a package of final rules that will revise regulations to strengthen its 8(a) Business Development program to better ensure that the benefits flow to the intended recipients and help prevent waste, fraud and abuse.
The rules were published today in The Federal Register and will become effective in 30 days on March 14, 2011.
The revisions are the first comprehensive overhaul of the 8(a) program in more than 10 years. The regulations incorporate technical changes and substantive changes that mirror existing or new legislation enacted since the last revision in June 1998.
Lenders who participate in the U.S. Small Business Administration’s Preferred Lender Program can approve loans through the agency’s new Small Loan Advantage program beginning Feb. 15. At the same time, the agency will begin accepting applications from community-based, mission-focused lenders who are interested in making SBA-guaranteed loans through the new Community Advantage program.
Both the Small Loan Advantage and Community Advantage programs were announced in December as part of the agency’s efforts to increase the number of lower dollar loans being made to small businesses and entrepreneurs in underserved communities.
On Wednesday, January 26, 2011, the Minority Business Development Agency (MBDA) conducted a briefing for House and Senate staff designed to provide attendees with an overview of the Agency and the critical role the minority business community plays in the overall national economy.
This event, co-hosted by U.S. Senator Robert P. Casey (PA) and U.S. Rep. Bobby L. Rush (IL-01), included remarks from both hosts as well as U.S. Rep. Frederica S. Wilson (FL-17).
As I begin my second full year leading the Minority Business Development Agency, I want to take a moment to express how honored I am to work with the Agency’s network of minority business centers and our public and private sector partners on behalf of the minority business community. Minority-owned firms continue to grow and flourish despite tough economic conditions.
With the election of 104 new Representatives and Senators, the 112th Congress will be marked with changes in both the House of Representatives and Senate following the November elections.