The Main Street Parity Act updates the rules for small business loans, making it simpler for businesses to get funding for building or expanding their operations. This change helps support small businesses in growing and improving their facilities.
Main Street Parity Act This bill lessens the financing requirements for certain Small Business Administration loans to small businesses for plant acquisition, construction, conversion, or expansion, including the acquisition of land. Specifically, the bill reduces the amount of equity a borrower must provide by 5% of the total cost for loans for limited or single-purpose properties.