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Support for Small Businesses and Manufacturers: Increased Loans and Flexibility

This act aims to facilitate access to financing for small businesses, especially manufacturers. It increases maximum loan amounts and introduces new rules for equity contributions and job creation, which can help business development and employment stability. It also simplifies loan closing procedures and introduces new possibilities for leasing space in program-financed buildings.
Key points
Increased maximum loan amount for manufacturers to $6.5 million, facilitating investment and growth.
Reduced equity contribution requirement for small manufacturers to 5% in many cases, lowering the barrier to investment.
More flexible job creation rules: one job per $150,000 for manufacturers, instead of $75,000 for other businesses.
Simplified loan closing procedures and new options for leasing larger portions of newly constructed or renovated facilities, providing businesses with greater flexibility.
Introduction of training and support programs for small manufacturers on obtaining financing.
article Official text account_balance Process page
VOTING RESULTS
2021-04-16
96%
For 400
Against 16
Abstain 0
Full voting results open_in_new
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 117_HR_1490
Sponsor: Rep. Craig, Angie [D-MN-2]
Process start date: 2021-03-02
Voting date: 2021-04-16
Meeting no: 1
Voting no: 116
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

504 Modernization and Small Manufacturer Enhancement Act of 2021

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 117_HR_1490.

Which chamber initiated this legislation?

This legislation was initiated in the House of Representatives.

When did the legislative process begin?

The process officially started on 2021-03-02.

What are the main provisions?

Key points include:

  • Increased maximum loan amount for manufacturers to $6.5 million, facilitating investment and growth.
  • Reduced equity contribution requirement for small manufacturers to 5% in many cases, lowering the barrier to investment.
  • More flexible job creation rules: one job per $150,000 for manufacturers, instead of $75,000 for other businesses.
  • Simplified loan closing procedures and new options for leasing larger portions of newly constructed or renovated facilities, providing businesses with greater flexibility.
  • Introduction of training and support programs for small manufacturers on obtaining financing.
What is the specific legal status?

The current status is Expired.

Where can I read the full text of this legislation?

The full official text is available at: View full text

Where is the official voting record?

The official roll call vote is recorded at: voting record

Who is the primary sponsor?

The primary sponsor is Rep. Craig, Angie [D-MN-2].

What is the latest detailed status?

The latest detailed status is: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 400 - 16 (Roll no. 116). (text: 04/14/2021 CR H1769-1770)

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-27.

CATEGORIES

Economy Public Investments