WASHINGTON, D.C. – House Committee on Small Business Chairman Roger Williams (R-Texas) and Senate Committee on Small Business and Entrepreneurship Chair Joni Ernst (R-Iowa) are introducing key bipartisan legislation with Senator Chris Coons (D-Del.) to continue unleashing American industry.

Manufacturing loans are already up 74% under President Trump and by doubling the individual loan limit for 7(a) and 504 small manufacturing loans from $5 million to $10 million, the Made in America Manufacturing Finance Act will allow small businesses to access the capital they need to invest in new equipment, hire new employees, and grow their businesses.

“I want to thank Administrator Loeffler and Senators Ernst and Coons for their partnership on this crucial legislation, as we support America’s small businesses, which make up nearly 99% of all U.S. manufacturers,” said Williams. “The Made in America Manufacturing Finance Act provides small business owners the capital they need to expand, modernize, and compete. We must continue to support and empower the job creators who keep our communities thriving. Together, we will continue driving the America First Agenda forward and creating an environment where the success of Main Street is a priority.”

“In Iowa and across the country, Main Street is roaring back under President Trump,” said Ernst. “I am proud to work with Administrator Loeffler and Chairman Williams to continue unleashing American industry by allowing small manufacturers to grow and equipping Iowa small business to lead the way. Today marks a major step in bringing back ‘Made in America.’”

"On Liberation Day, President Trump made a clear promise to fight for our businesses and workers by bringing back the jobs and supply chains that built this nation—and today, we’re delivering," said Loeffler. "The Made in America Manufacturing Finance Act will double SBA loan limits for small manufacturers, supercharging the return of American industry by giving small businesses the capital they need to expand, hire, and compete. I’m grateful to Senator Ernst and Representative Williams for leading this bipartisan effort that will empower our small businesses to reclaim our economic independence and rebuild the foundation of American power.”

Click here to view the bill.

Background:

After discussing undoing the damage of the Biden administration and fixing the financial integrity of the 7(a) loan program with Administrator Kelly Loeffler during her confirmation hearing, Ernst praised Loeffler for restoring financial responsibility to SBA’s loan programs.

These responsible reforms were a great relief to Williams and Ernst, who previously raised concerns that the Biden administration’s rapid expansion of the 7(a) lending program was leaving taxpayers on the hook for risky lending practices by non-bank lenders.

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