Bar any new SBA direct lending programs

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Printed page 754 25. Small Business Administration

“Specify clearly that no new direct lending programs will be developed at the SBA.”

What has happened

Apr 3, 2026 Not started
No SBA policy statement, order or rule specifying that no new direct lending programs will be developed was found. Direct lending continues and is funded on both sides: the SBA's own FY2027 Congressional Budget Justification carries the Microloan Direct Program forward at a $60 million program level with a 9.23% subsidy rate for FY2027, and the section 7(b) direct disaster loan program is funded at $143 million in the same request. What the SBA did create inside the window is consistent with the ask but is not the specification the Quote asks for: every new lending product is a guarantee rather than a direct loan — the 7(a) Manufacturer's Access to Revolving Credit line (2025-09-03) and the 90% Made in America Loan Guarantee (2026-03-31). Leveled with #2035 (p. 750), which found SBA direct lending continuing and funded by both branches inside the window.
- SBA FY2027 Congressional Budget Justification and FY2025 Annual Performance Report
  Primary Executive branch Apr 3, 2026

What was searched, and what didn’t count as evidence

Leveled with #2035 (p. 750, End SBA direct lending), which is not started on the same appropriations and Budget lines. This Quote asks something narrower and forward-looking — a clear statement that no new direct lending program will be developed — and no such statement exists, so the two come out at the same rung for different reasons: #2035 because direct lending continues, this one because nothing was specified.
Negative search: the Federal Register full-text conditions[term]="direct lending" filtered to the SBA returns 0 documents since 2025-01-20 (cluster B in docs/research/ch-25.md); the SBA’s FY2027 CBJ was read for a lending-policy statement and has none; the 2025-02-24 Day One priorities memo and the two reorganization releases name no direct-lending policy.