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Support for Small Businesses and Manufacturers: Easier Loan Access

This act aims to facilitate access to financing for small businesses, especially manufacturers, through loan programs. Changes include increasing maximum loan amounts, simplifying procedures, and introducing new rules for employment and collateral. This will enable more small businesses to grow, create jobs, and invest in modern solutions.
Key points
Increased maximum loan amount for manufacturers to $6.5 million, making it easier for them to invest in growth.
Simplified loan closing procedures, speeding up the process of obtaining funds for businesses.
Reduced equity contribution requirement for small manufacturers, lowering the barrier to investment.
Greater flexibility in leasing parts of new or existing properties financed by loans, which can help manage costs.
Support for workforce development through in-house training programs, potentially leading to better job opportunities.
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Expired
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Additional Information
Print number: 117_S_2231
Sponsor: Sen. Klobuchar, Amy [D-MN]
Process start date: 2021-06-24
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Summarized by: gemini-2.5-flash-preview-05-20
Source data: api.congress.gov
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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_S_2231.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2021-06-24.

What are the main provisions?

Key points include:

  • Increased maximum loan amount for manufacturers to $6.5 million, making it easier for them to invest in growth.
  • Simplified loan closing procedures, speeding up the process of obtaining funds for businesses.
  • Reduced equity contribution requirement for small manufacturers, lowering the barrier to investment.
  • Greater flexibility in leasing parts of new or existing properties financed by loans, which can help manage costs.
  • Support for workforce development through in-house training programs, potentially leading to better job opportunities.
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

Who is the primary sponsor?

The primary sponsor is Sen. Klobuchar, Amy [D-MN].

What is the latest detailed status?

The latest detailed status is: Introduced in Senate

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-29.

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