Rep. Shri Thanedar Re-Introduces the "Loans In Our Neighborhoods (LIONs) Act" to Enhance Small Business Financing
Washington, DC - March 6th, 2025 - Today, Congressman Shri Thanedar (MI-13), alongside Rep. Mark Alford (MO-4), announced the re-introduction of the "Loans in our Neighborhoods (LIONs) Act," (H.R.1893) a bipartisan bill designed to amend the Small Business Act by increasing the maximum gross loan amount for section 7(a) loans. The LIONS Act seeks to raise the limit from $5,000,000 to $10,000,000, providing more significant financial support to small businesses. The bill also includes a 75% guaranteed rate on loans of up to $10 million, providing a guarantee from the SBA and making the program more attractive for lenders.
"By introducing the LIONs Act, we are taking a significant step to promote access to capital for the small business community in Michigan and across the country," said Congressman Thanedar. "This is about ensuring that the needs of small businesses are adequately met, allowing them to continue driving our economy and creating jobs."
The Small Business Administration's (SBA) 7(a) Loan Program is a primary resource for helping small businesses. These loans serve various purposes, allowing small businesses to acquire or enhance properties or help cover daily business expenses, settle existing debts, purchase equipment or furnishings, alter business ownership, or combine these needs.
The version for the 119th Congress also increases the limit for 504 loans from the SBA to $10,000,000, allowing more small businesses to access long-term, fixed-rate financing for major fixed assets that promote business growth and job creation.
The legislation has bipartisan support, with co-lead Congressman Mark Alford (MO-04) saying, “After four years of inflation, overregulation, and supply chain bottlenecks, American small businesses are on the brink,” said Congressman Mark Alford (MO-04). “The LIONs Act will provide much-needed financial support for the backbone of our economy. With the expanded access to capital in this legislation, small businesses in Missouri and across the country will be able to grow, create jobs, and serve our communities. I’m proud to co-lead this bill, and I thank Congressman Thanedar for his partnership.”
The bill is already garnering support from small businesses and local organizations. Laura Lee Blake, President & CEO of AAHOA, said, “The bipartisan introduction of the LIONs Act for 2025 is a game-changer for hotel owners and small businesses nationwide. Access to capital is the lifeline of small business success. By raising the SBA 7(a) and 504 loan limits from $5 million to $10 million, this critical legislation will provide much-needed access to capital, empowering hoteliers to reinvest in their properties, create jobs, and drive economic growth. Congressmen Thanedar and Alford’s leadership ensures that entrepreneurs in the hospitality industry have the financial tools they need to thrive. AAHOA thanks them both for their commitment to the hotel industry and to small business owners across America that will benefit from this long overdue update."
Congressman Shri Thanedar proudly represents Michigan's 13th Congressional District, which includes Detroit, Downriver, and the Grosse Pointes. As a champion for working families, Shri is committed to advancing economic opportunities, education, healthcare access, and entrepreneurship for underserved communities. Drawing from his journey from poverty to success, he works tirelessly to uplift metro Detroit, ensuring every resident has the resources and support they need to thrive.
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