Indian American Congressman Shri Thanedar has proposed legislation aimed at amending the Small Business Act to offer increased financial assistance to small enterprises. Dubbed the “Loans in our Neighborhoods (LIONS) Act,” the bill seeks to augment the maximum gross loan amount for section 7(a) loans from $5 million to $10 million.
The primary objective of this initiative is to fortify the support network available to small businesses, recognizing their pivotal role in local economies and communities, as stated in a press release from Thanedar’s office. The Small Business Administration’s (SBA) 7(a) Loan Program stands as a vital resource for aiding small businesses in various ways, such as acquiring or upgrading properties, covering daily operational expenses, settling existing debts, purchasing equipment or furnishings, altering business ownership, or addressing a combination of these needs.
Congressman Thanedar stressed the importance of the LIONS Act, aiming to enhance support for small businesses nationwide, ensuring their financial needs are met to fuel economic growth and job creation.
Chairman Bharat Patel of AAHOA noted the escalating costs of business operations, hotel construction, and property acquisition, particularly in the aftermath of the pandemic. He highlighted the substantial increase in the value of hotel properties in 2024, surpassing the current loan limits, and expressed support for the LIONS Act introduced by Congressman Shri Thanedar.
AAHOA has persistently advocated for an increase in SBA Section 7(a) loan amounts, last adjusted 15 years ago. President & CEO Laura Lee Blake stressed the necessity of aligning loan limits with prevailing economic conditions to foster a sustainable business environment. AAHOA extends gratitude to Congressman Thanedar for his leadership in introducing the LIONS Act, anticipating enhanced opportunities for economic growth nationwide if the legislation is enacted.
