Proposed rule would give faith-based organizations access to SBA loan programs

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The U.S. Small Business Administration is proposing a rule that would give faith-based businesses and organizations access to SBA business loan and disaster assistance programs. The SBA is seeking public comment on the proposed rule, which would lift restrictions that exclude the organizations from seven programs, including the 7(a) and 504 loan programs. The proposed rule “would ensure that these businesses and organizations are not forced to choose between their faith and the SBA financial assistance that they need to continue serving the public and employing our neighbors,” SBA Director Jovita Carranza said in a statement. Public comments on the proposed rule can be submitted on or before Feb. 18 at www.regulations.gov, using RIN number 3245-AH60.