Congressman Taylor Introduces Bill to Improve Small Business Services in Appalachia
WASHINGTON, D.C. – Congressman Dave Taylor (OH-02) and Congressman Brad Finstad (MN-01) today introduced the bicameral Main Street Lending Improvement Act of 2025, which would require a study on the Small Business Administration’s (SBA) loan-making process to collect data on its current operation in Appalachia and ultimately streamline the process for Appalachian businesses. Senator Jim Justice (R-WV) introduced a Senate companion to this bill today.
“For too long, small businesses across the Appalachian region have struggled to access services provided by the Small Business Administration. My bill, the Main Street Lending Improvement Act of 2025, will work to improve SBA efficiency and ensure all businesses have access to vital SBA services,” said Congressman Taylor. “As a third-generation small business owner, I’ve seen firsthand where the federal government has failed to provide resources for our small businesses, and I am committed to addressing these issues in Congress so Ohio families and communities can thrive.”
“Small businesses are the backbone of local communities in southern Minnesota. Too often, government red tape and inefficiency make it difficult for entrepreneurs to access the tools they need to grow,” said Congressman Finstad. “The Main Street Lending Improvement Act identifies where the government has fallen short in the loan-making process and works to address these delays, ensuring small businesses across the country have timely financing to build stronger futures.”
“I’m a business guy at heart, and I’ve always said I want to help our small businesses because they’re the ones that keep our state and our country moving. This bill gets us under the hood of the SBA’s loan programs so we can accelerate the time it takes to get resources out the door of Washington and onto the storefront of Main Street. President Trump and Administrator Loeffler have already done fantastic work to strengthen the Small Business Administration – this bill builds on that momentum to make sure these loan programs truly work for the folks who need them most,” said Senator Justice.
Specifically, the Main Street Lending Improvement Act of 2025 will instruct the Government Accountability Office (GAO) to conduct a two-year study and produce recommendations on how the SBA can:
- Increase the availability of SBA loans;
- Decrease the average length of time from when a small business loan application is submitted to disbursement;
- Increase the availability of information to an applicant for a small business loan regarding the status of their application, including whether any additional information is needed from the applicant to continue processing the application, and an estimated time frame as to when the funds will be disbursed; and
- Identify ways to reduce government inefficiency in the loan-making process.
The Main Street Lending Improvement Act of 2025 would require the GAO to acquire data on the SBA services provided within SBA regions to Appalachian and non-Appalachian areas.
The GAO would be required to provide an update on the study one year after its enactment. After the study is completed, the results will be used to legislate changes to the SBA loan process to make it more accessible and efficient for Appalachian business owners.
The full bill text is available here.