FTA Expresses Support for Final SBA Affiliation Rule in Joint Letter to Congress
The Financial Technology Association (FTA) joined industry leaders working for the success of new and small businesses in a letter to express strong support for the Small Business Administration’s final “Affiliation” rule, which clarifies how applicants qualify as a small business under SBA regulations. The new criteria in this rule will help to close gaps in access to capital for small businesses across the country, especially those owned by Americans in underserved communities.
The new rule provides greater clarity and certainty for new and small business applicants by amending the methodology for determining controlling interests in a business, which in turn factors into its size. This will encourage more small businesses to participate in the 7a or 504 loan program and increase the number of small businesses able to access the capital they need to get off the ground, create jobs, and succeed.
The Financial Technology Association (FTA) is a Washington, DC-based trade association representing industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.
FTA Expresses Support for Final SBA Affiliation Rule in Joint Letter to Congress
The Financial Technology Association (FTA) joined industry leaders working for the success of new and small businesses in a letter to express strong support for the Small Business Administration’s final “Affiliation” rule, which clarifies how applicants qualify as a small business under SBA regulations. The new criteria in this rule will help to close gaps in access to capital for small businesses across the country, especially those owned by Americans in underserved communities.
The new rule provides greater clarity and certainty for new and small business applicants by amending the methodology for determining controlling interests in a business, which in turn factors into its size. This will encourage more small businesses to participate in the 7a or 504 loan program and increase the number of small businesses able to access the capital they need to get off the ground, create jobs, and succeed.
Read the full letter here.
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The Financial Technology Association (FTA) is a Washington, DC-based trade association representing industry leaders shaping the future of finance. We champion the power of technology-centered financial services and advocate for the modernization of financial regulation to support inclusion and responsible innovation.