Made in America Manufacturing Finance Act
Made in America Manufacturing Finance Act
Plain Language Summary
# Made in America Manufacturing Finance Act Summary **What the Bill Does** This bill makes it easier for small manufacturing companies to borrow money by increasing the maximum loan amounts they can get from the Small Business Administration (SBA). Specifically, it roughly doubles the maximum loan amount available through the SBA's 7(a) program (which helps with everyday operating costs) and raises the limit for the 504 program from $5.5 million to $10 million (which helps finance major purchases like new facilities or equipment). **Who It Affects** The bill primarily benefits small manufacturing businesses that need financing to grow or operate. It could also indirectly help their employees and communities where these manufacturers are located.
Banks and lenders that work with the SBA may also be affected by the expanded lending opportunities. **Current Status** The bill has passed the House of Representatives and is moving through the legislative process. It would need to pass the Senate and receive the President's signature to become law.
CRS Official Summary
Made in America Manufacturing Finance ActThis bill increases the maximum loan amounts available to small manufactures under the Small Business Administration's 7(a) and 504 loan programs.In particular, the bill generally doubles the maximum loan amount for small manufacturers under the 7(a) program and the bill increases the maximum loan amount for small manufacturers under the 504 program from $5.5 million to $10 million.Generally, 7(a) loans provide short- and long-term working capital which can be used for expenses such as operational needs. 504 loans provide financing for major fixed assets such as new facilities.
Latest Action
Read twice. Placed on Senate Legislative Calendar under General Orders. Calendar No. 283.