Ernst to Biden-Harris SBA: Stop Playing Politics, Picking Winners and Losers

WASHINGTON – U.S. Senate Small Business and Entrepreneurship Committee Ranking Member Joni Ernst (R-Iowa) blasted the Biden-Harris Small Business Administration (SBA) for expanding its out-of-touch Green Lending Initiative.

This week, the SBA opened applications for three new Small Business Lending Company (SBLC) licenses and an unlimited number of Community Advantage (CA) SBLC licenses. The programs will prioritize “reducing climate change,” instead of the $1.68 trillion regulatory burden that is disproportionately impacting small businesses already operating on razor-thin margins.

“The Biden-Harris administration talks about creating an ‘opportunity economy,’ but the only opportunities seem to be for radical left-wing climate groups,” said Ranking Member Ernst. “The levers of government should never be used to pick winners and losers based on political priorities. Instead of wasting tax dollars on another Green New Deal program, the SBA needs to prioritize lowering costs for the millions of small businesses struggling from the Biden-Harris 20 percent inflation price hike.” 

Background:

In August, Ernst questioned the SBA’s new Green Lending Initiative, which dramatically changed lending programs in order to push one of Vice President Harris’ key Green New Deal priorities at the expense of small businesses. 

Last year, Ernst demanded the SBA change course on irresponsible lending changes championed by Vice President Harris that would lead to predatory loans.

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