Sioux City Times

U.S. Representative Randy Feenstra has shown his support for the 7(a) Loan Agent Oversight Act, which was passed by the U.S. House of Representatives. This legislation mandates that the U.S. Small Business Administration (SBA) submit annual reports to Congress concerning loan agents involved in the SBA 7(a) program.

Rep. Feenstra emphasized the importance of providing small businesses with reliable and affordable capital for economic growth and rural development in Iowa. He stated, "Ensuring that our small businesses have access to reliable, affordable capital is important for economic growth and rural development in Iowa." He further explained that while the SBA's 7(a) loan program aids job creators on Main Street in securing financing, a portion of this program utilizes loan agents who have been associated with fraudulent activities.

Feenstra remarked on his decision to vote for the legislation: "It’s why I voted for legislation to conduct vigorous oversight of this program so that small businesses get the financial resources that they need to grow, hire, and invest while protecting taxpayer dollars and combatting fraud." He also noted efforts under President Trump’s administration to eliminate waste, fraud, and abuse within federal government operations, adding that this new measure would contribute to those efforts at the SBA.