November 23, 2022
C-Suite Wednesday – Senator Cardin Introduced Bill to Make Community Advantage Permanent
“The Community Advantage pilot program has proven to be an effective tool in reaching traditionally underserved entrepreneurs,” says Senator Ben Cardin, Chairman of the Senate Committee. “Minority and women-owned businesses are the fastest-growing groups of firms in the U.S, yet they are 2 to 3 times more likely to be denied loans than nonminority business owners. The CA program helps close this credit gap, and I am proud to introduce legislation to codify the program and address this inequity for hardworking entrepreneurs.”
Last week, Senator Cardin introduced legislation that would make the Community Advantage pilot program permanent and make improvements to the program. Congresswoman Judy Chu introduced a companion bill in the House as well.
Many groups have endorsed the legislation including the Mission Lenders Working Group, the National Association of Development Companies, the Small Business Majority, and the Association of Enterprise Opportunity.
“As one of the first mission lenders to be certified as a Community Advantage lender, I am pleased to see Senator Ben Cardin and Congresswoman Judy Chu introduce the Community Advantage Loan Program Permanency Act of 2022,” says Robert Villarreal, Chief of External Affairs at CDC Small Business Finance, and member of the Mission Lenders Working Group Steering Committee. “This critical bill will allow CDC Small Business Finance and our mission lender colleagues across the country to partner with the U.S. Small Business Administration to ensure that underbanked small businesses get the financing and support they need. Since becoming a CA lender, CDC Small Business has disbursed millions of dollars in CA loans to businesses across the country from Pasadena, California, all the way to Bowie, Maryland. We look forward to continuing our work in the lending community.”