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Election Day 2026: What the People Shaping Small Business Lending Have Said

1 hour ago
6 min read

As votes are counted tonight, the officials who shape small business lending policy have already left a record. Below are 10 statements from 11 officials on Section 1071, SBA lending and merchant cash advances, each in their own words, and where each one stands after today.


1. Kelly Loeffler, SBA Administrator


SBA said on Nov. 2 that it backed $39.5 billion in 7(a) and 504 loans in fiscal 2026: 56,130 7(a) loans for $32.4 billion and 6,075 504 loans for $7.1 billion. The agency called it "the third-highest lending volume in agency history." That is down from $44.8 billion in fiscal 2025, about 12% lower in dollars. SBA says roughly $5 billion in loans could not be guaranteed during the 43-day shutdown.


"Despite a federal shutdown that halted SBA lending for nearly two months, the agency delivered its third-highest loan volume on record and closed the year with a record SBIC investment portfolio. And we did that while delivering wins for taxpayers by fighting fraud and restoring prudent lending standards, reversing the Biden Administration's disregard for statutory requirements of the programs we steward, and their decision to ignore criminal activity in SBA programs."

SBA news release, Nov. 2, 2026.


After today: Loeffler is an appointee and is not on the ballot.


2. Sen. Joni Ernst (R-Iowa), Chair, Senate Committee on Small Business and Entrepreneurship


In April 2025, SBA tightened underwriting for the 7(a) program through changes to its standard operating procedure. Ernst welcomed the move.


"It is reassuring to see Administrator Loeffler continue to undo the damage done by the reckless Biden-era changes to the 7(a) loan program," said Ernst. "Eroding underwriting standards led to a wave of defaults that could have forced taxpayers to foot the bill. I am encouraged that the SBA is following my recommendations to restore responsible fiscal management to its flagship lending program and looking after tax dollars."

Committee press release, April 23, 2025.


After today: Ernst announced in September 2025 that she would not seek reelection. The Senate's small business committee will have a new chair in the next Congress.


3. Rep. Roger Williams (R-Texas), Chairman, House Committee on Small Business


Williams introduced H.R. 976 to repeal Section 1071 in February 2025.


"Small businesses are the backbone of the American economy, and it is crucial that they can access affordable credit to support and grow our communities," said Congressman Williams. "My bill seeks to eliminate costly regulatory burdens on financial institutions, ensuring greater access to credit for small businesses. It is time to Make Small Businesses Great Again and put an end to this overly broad, burdensome, and difficult to implement rule-making."

Press release, Feb. 4, 2025.


After today: Williams is on the ballot for reelection in Texas's 25th District against Democrat Dione Sims.


4. Rep. French Hill (R-Ark.), Chairman, House Financial Services Committee, and Rep. Andy Barr (R-Ky.), Chairman, Financial Institutions Subcommittee


The CFPB issued its rewritten 1071 rule in spring 2026. It excludes merchant cash advances, and compliance starts Jan. 1, 2028. Hill and Barr issued a joint statement.


"We commend the CFPB's final rule on small business lending data collection. While the previous administration's flawed regulation would have risked cutting off credit to the small businesses that need it most, this revised approach will reduce complexity for lenders, strengthen privacy protections, provide more workable compliance timelines, and better reflect the realities of relationship-based small business lending."

Committee press release, April 30, 2026.


After today: Hill faces Democrat Chris Jones in Arkansas's 2nd District. Barr is leaving the House to run for Kentucky's open Senate seat against Democrat Charles Booker, so the Financial Institutions Subcommittee will need a new chair.


5. Rep. Maxine Waters (D-Calif.), Ranking Member, House Financial Services Committee


Waters responded to the same rule a few days later.


"By raising the reporting threshold so far fewer lenders have to comply and carving out entire categories of lending like agricultural loans and merchant cash advances, among other harmful reforms, this updated rule guts the very data small businesses and the public need."

"This is not about streamlining. It is about shielding bad actors and limiting transparency to the detriment of our entrepreneurs."

Committee Democrats' press release, May 4, 2026.


After today: Waters is on the ballot in California's 43rd District against Republican Cristian Morales.


6. Sen. Ron Wyden (D-Ore.), Ranking Member, Senate Finance Committee, and Sen. Ed Markey (D-Mass.)


In a May 2026 letter to Loeffler, the two senators asked why SBA had not warned small businesses hit by tariffs about the risks of merchant cash advances. They also asked why a June 2025 SBA rule change stopped SBA loans from being used to refinance MCA debt. The release attributes this line to both senators.


"We are concerned that many small businesses felt they were unable to access loans available through SBA programs quickly enough to meet their needs and were forced to turn instead to MCAs, unaware of the risks of predatory financing."

Senate Finance Committee release, May 15, 2026.


After today: Wyden is not on the ballot this year. He was last reelected in 2022.


7. Sen. Ed Markey (D-Mass.), Ranking Member, Senate Committee on Small Business and Entrepreneurship


Markey introduced a resolution to overturn SBA's rule barring green card holders from SBA loans.


"The Trump administration's continued attacks on American small businesses and jobs are anti-American, they're discriminatory, and they're dragging down our communities and our economy."

Committee press release, Sept. 15, 2026.


After today: Markey beat Rep. Seth Moulton in the Sept. 1 primary and faces Republican John Deaton today.


8. Rep. Nydia Velázquez (D-N.Y.), Ranking Member, House Committee on Small Business


Velázquez backed the same effort to overturn the green card rule.


"Small businesses and organizations across the country are sending a clear message that the Trump administration's discriminatory lending rules are bad for business," said Ranking Member Velázquez. "... As Ranking Member of the House Small Business Committee, I will keep pushing to stop these attacks on the American Dream and ensure that every eligible entrepreneur can access the capital they need to succeed."

Committee press release, Sept. 15, 2026. The ellipsis drops one sentence thanking Small Business Majority.


After today: Velázquez is not seeking reelection. Her November 2025 statement said, "After much reflection, I have decided that this will be my last term in Congress." The House small business committee will have a new top Democrat in the next Congress.


9. Sen. Elizabeth Warren (D-Mass.), Ranking Member, Senate Banking Committee, with Sen. Ed Markey


In an October 2026 letter to OCC Comptroller Jonathan Gould and FDIC Chairman Travis Hill, Warren and Markey opposed the agencies' proposed changes to Community Reinvestment Act rules. The release attributes this line to both lawmakers.


"It would undermine reporting on small business loans, decrease lending to small businesses, particularly in LMI areas, and decrease new markets tax credit (NMTC) investments used to invest in small businesses."

Committee press release, Oct. 15, 2026.


After today: Warren is not on the ballot this year. She was reelected in 2024.


10. Chris Carr (R), Georgia Attorney General


In June 2023, Carr urged the CFPB to rescind the original 1071 rule. His statement:


"At a time when access to capital is already difficult, this burdensome action will handcuff lenders and paralyze those segments of the economy reliant upon community banks to stay afloat. Rather than saddling small businesses with burdensome regulations, the Biden administration must immediately rescind this rule and allow states to continue to address lending issues as they occur."

Georgia Attorney General press release, June 12, 2023.


After today: Carr ran for governor and was eliminated in the May 19 Republican primary. The attorney general's seat is open, with Democrat Tanya Miller facing Republican Brian Strickland.


What the record shows


The 1071 split runs along party lines. Republicans praised the narrower rule, and Waters said it guts the data. Merchant cash advances came up by name in two Democratic statements this year. Whatever happens tonight, both small business committees will see leadership change in January, with Ernst leaving the Senate and Velázquez leaving the House.



Sources


Every quote was checked word for word against these pages on Nov. 3, 2026.


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