Fair Access to Small Business Lending Act of 2023

This bill amends the Small Business Act to expand access to SBA-guaranteed loans for small businesses in underserved communities. It creates a new initiative authorizing non-federally regulated lenders (those not currently approved for SBA loans but meeting specific criteria) to make guaranteed loans targeted to small businesses located in low or moderate-income neighborhoods. A key provision requires these lenders to ensure at least 50% of their SBA-guaranteed loans under the initiative go to businesses in qualifying neighborhoods. The initiative is funded annually through Treasury appropriations starting in fiscal year 2023.