WASHINGTON, D.C. (WVDN) – This week, Senator Jim Justice introduced the Main Street Lending Improvement Act of 2025. This bill would require a study on the Small Business Administration’s (SBA) loan-making process to collect data on its current operation in Appalachia and ultimately streamline the process for Appalachian businesses. Congressman Dave Taylor (OH-02) introduced the House companion to this bill:
“I’m a business guy at heart, and I’ve always said I want to help our small businesses because they’re the ones that keep our state and our country moving. This bill gets us under the hood of the SBA’s loan programs so we can accelerate the time it takes to get resources out the door of Washington and onto the storefront of Main Street. President Trump and Administrator Loeffler have already done fantastic work to strengthen the Small Business Administration – this bill builds on that momentum to make sure these loan programs truly work for the folks who need them most,” said Senator Jim Justice.
“For too long, small businesses across the Appalachian region have struggled to access services provided by the Small Business Administration. My bill, the Main Street Lending Improvement Act of 2025, will work to improve SBA efficiency and ensure all businesses have access to vital SBA services. As a third-generation small business owner, I’ve seen firsthand where the federal government has failed to provide resources for our small businesses, and I am committed to addressing these issues in Congress so Ohio families and communities can thrive,” said Congressman Dave Taylor.
BACKGROUND:
The Main Street Lending Improvement Act of 2025 will better enable Congress to:
- Increase the availability of SBA loans.
- Decrease the average length of time from when a small business loan application is submitted to disbursement.
- Increase the availability of information to an applicant for a small business loan regarding the status of their application, including whether any additional information is needed from the applicant to continue processing the application, and an estimated time frame as to when the funds will be disbursed.
- Identify ways to reduce government inefficiency in the loan-making process.
