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.
Status:
Expired
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