arrow_back Back to App

Higher Loans and Relief for Small Manufacturers (SBA 504 Program)

This law makes it easier for small businesses, especially manufacturers, to access long-term government-backed loans (SBA 504) for real estate and equipment. It increases the maximum loan amounts for the manufacturing sector and reduces the required down payment, facilitating investment and job creation. Furthermore, the loan program will now actively support businesses investing in workforce training, energy efficiency, and disaster recovery.
Key points
The maximum loan amount for small manufacturers increases from $5.5 million to $6.5 million, allowing for larger investments in facilities and equipment.
Small manufacturers can qualify for loans with a lower equity contribution (as low as 5% instead of the standard 10-15%) and are exempt from providing additional collateral.
Loan closing procedures are streamlined, allowing accredited lenders to make minor corrections and speeding up the process of receiving funds.
The 504 program will support societal goals such as workforce development, expansion of minority/women-owned firms, and investments in renewable energy.
article Official text account_balance Process page
Expired
Citizen Poll
No votes cast
Additional Information
Print number: 118_HR_10246
Sponsor: Rep. Velázquez, Nydia M. [D-NY-7]
Process start date: 2024-11-21
Lustra uses Artificial Intelligence. Verify details in source documents.
Summarized by: gemini-flash-latest
Source data: api.congress.gov
AI work logs for this document launch

OFFICIAL LEGAL TITLE

504 Modernization and Small Manufacturer Enhancement Act of 2024

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_HR_10246.

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 2024-11-21.

What are the main provisions?

Key points include:

  • The maximum loan amount for small manufacturers increases from $5.5 million to $6.5 million, allowing for larger investments in facilities and equipment.
  • Small manufacturers can qualify for loans with a lower equity contribution (as low as 5% instead of the standard 10-15%) and are exempt from providing additional collateral.
  • Loan closing procedures are streamlined, allowing accredited lenders to make minor corrections and speeding up the process of receiving funds.
  • The 504 program will support societal goals such as workforce development, expansion of minority/women-owned firms, and investments in renewable energy.
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 Rep. Velázquez, Nydia M. [D-NY-7].

What is the latest detailed status?

The latest detailed status is: Referred to the House Committee on Small Business.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-30.

CATEGORIES

Economy Public Investments Labor