Washington, Feb. 16 -- Congressman Shri Thanedar February 12 announced the introduction of the "Loans in our Neighborhoods (LIONS) Act," a 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 million to $10 million, thereby providing greater financial support to small businesses. "By introducing the LIONS Act, we are taking a significant step to bolster the resources available to the small business community in Michigan and across the country," said Congressman Thanedar. "This act is about ensuring that the financial needs of small businesses are adequately met, allowing them to continue driving our economy and creating jobs."

The...