The U.S. Senate earlier this week passed a bipartisan bill that will increase the Small Business Administration’s authority over the Small Business 7(a) Lending program.

SBA 7(a) loans are the most common type of SBA loan. These loans go up to $5 million and can be used for working capital, to refinance debt or to buy a business, real estate or equipment.

The Small Business 7(a) Lending Oversight Reform Act would strengthen the SBA’s office of credit risk management, enhance the SBA’s lender oversight review process and require the SBA to detail its oversight budget and perform a full annual risk analysis of the program. The bill would also clarify factors that must be considered under the “credit elsewhere” test that lenders perform before applying for 7(a) financing.

The House passed the bill in May and it now heads to the president, who is expected to sign the measure into law. The bill also received support from credit union and bank advocacy groups.

“This program is critical to credit unions’ ability to provide loans to small businesses and entrepreneurs in their communities, which is an integral part of the industry,” Dan Berger, president and CEO of the National Association of Federally-Insured Credit Unions, said in a statement.

“The SBA programs are an important part of business lending for many banks,” the American Banking Association said in a letter to House members last month. “They help fill a critical gap, particularly for early-stage businesses that need access to longer-term loans. The guarantee helps reduce the risk and capital required for banks and facilitates loans that might never have been made without this important level of support. ABA has long supported this successful public-private partnership and is pleased that Congress recognizes the importance of this program.”