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.
Status:
Expired
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