U.S. Small Business Administration (SBA) Administrator Kelly Loeffler has applauded the recent passage of bipartisan legislation in the U.S. House of Representatives that would increase the loan limit for Small Business Administration’s (SBA) 7(a) and 504 lending programs to $10 million.
“President (Donald) Trump has built a strong foundation for the comeback of American industry by delivering historic tax cuts, deregulation, fair trade, and nearly $20 trillion in investment to support Made in America,” Loeffler said. “Today, U.S. manufacturers – of which 98 percent are small businesses – require more capital to meet rising demand in an economy that is now being built by Americans, for Americans. With the bipartisan House passage of the Made in America Manufacturing Finance Act, manufacturers are one step closer to unlocking the capital they need to bring home American jobs and industry.”
The Made in America Manufacturing Finance Act would double the SBA’s loan limit from $5 million to $10 million for small manufacturers. The goal is to meet domestic manufacturers’ capital needs.
The SBA’s Made in America Manufacturing Initiative aims to rebuild U.S. industrial dominance by cutting regulations, expanding access to capital, highlighting the existing manufacturing base, and advancing a skilled manufacturing workforce.
The SBA delivers services through a network of field offices and partnerships.