On September 18, Sam Graves (R-MO), chairman of the House Committee on Small Business, introduced legislation designed to streamline and simplify the loan application process for the Small Business Administration (SBA) by requiring the agency to permit the use of e-signatures and electronic records.
The bill, "The Small Business Loan Simplification Act of 2014″ (HR 5599), would statutorily bring the SBA up to speed with technology already being used by private lenders and other federal agencies.
In sum, it would permit participants in SBA financing programs, both borrowers and lenders, to use electronic signatures and records in the certification and transmission of documents. It would also require the SBA to accept electronic signatures and records associated with the management of its financing programs.
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