The Small Business Administration plans to eliminate 51 percent of its regulations by the end of the year, according to SBA officials.
The reforms are the most comprehensive since 1953. "Before the end of 1995, we plan to eliminate 355 of the 700 pages in the SBA's section of the code of regulations. The rest will be revised for improvements in simplicity and clarity - we want plain-language regulations that read like a paperback," according to SBA Administrator Philip Lader.The line-by-line reinvention is part of a general review requested of all federal agencies by President Clinton.
Highlights of the SBA's reform initiative include:
- Redrafting SBA business loan regulations.
- Simplifying size regulations for businesses.
- Streamlining a program to reduce the average review time required by SBA attorneys to examine loan packages.