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SBA 504 Loan Modernization: Higher Limits and Easier Access for Small Manufacturers

This Act modernizes the SBA 504 loan program, making it easier for small businesses, especially manufacturers, to secure capital for real estate and equipment purchases. The changes increase the maximum loan amount for manufacturers to $6.5 million and reduce their required down payment, aiming to support job creation and business expansion. The law also streamlines loan closing procedures to speed up financing and reduce administrative hurdles.
Key points
The maximum loan amount for small manufacturers increases from $5.5 million to $6.5 million, enabling larger capital investments.
Required down payments for small manufacturers are lowered (down to 5% in some cases), making it easier for new or specialized businesses to qualify.
Loan closing procedures are simplified by shifting responsibilities to accredited development companies, speeding up the time it takes to receive funds.
The loan program expands its policy goals to include supporting workforce development, energy efficiency, and the expansion of minority-owned, women-owned, and employee-owned businesses.
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Expired
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Additional Information
Print number: 118_S_1352
Sponsor: Sen. Klobuchar, Amy [D-MN]
Process start date: 2023-04-27
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Summarized by: gemini-2.5-flash-preview-09-2025
Source data: api.congress.gov
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OFFICIAL LEGAL TITLE

504 Modernization and Small Manufacturer Enhancement Act of 2023

FREQUENTLY ASKED QUESTIONS

What is the official ID of this bill?

The official print number for this legislation is 118_S_1352.

Which chamber initiated this legislation?

This legislation was initiated in the Senate.

When did the legislative process begin?

The process officially started on 2023-04-27.

What are the main provisions?

Key points include:

  • The maximum loan amount for small manufacturers increases from $5.5 million to $6.5 million, enabling larger capital investments.
  • Required down payments for small manufacturers are lowered (down to 5% in some cases), making it easier for new or specialized businesses to qualify.
  • Loan closing procedures are simplified by shifting responsibilities to accredited development companies, speeding up the time it takes to receive funds.
  • The loan program expands its policy goals to include supporting workforce development, energy efficiency, and the expansion of minority-owned, women-owned, and employee-owned businesses.
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: Placed on Senate Legislative Calendar under General Orders. Calendar No. 168.

Is this summary verified?

Yes. This content was analyzed by AI and verified by the Lustra Judge System on 2025-12-26.

CATEGORIES

Economy Public Investments Labor