Bill > S1555

This bill seeks to increase loan limits and support for small manufacturers in the United States by making several key changes to existing small business lending laws. First, it defines a "small manufacturer" as a small business primarily operating in manufacturing sectors (NAICS sectors 31, 32, or 33) with all production facilities located in the United States. The bill raises loan limits for small manufacturers under the Small Business Act, increasing the maximum loan amount from $3,750,000 to $7,500,000 for certain loans, and from $4,500,000 to $9,000,000 for other types of loans. Additionally, it increases the loan limit under the Small Business Investment Act from $5,500,000 to $10,000,000 specifically for small manufacturers. To ensure accountability, the bill requires the Small Business Administration's Inspector General to conduct an analysis of these new loans after one year, assessing potential risks such as default rates. Furthermore, the bill mandates annual reporting to congressional committees about larger loans to small manufacturers, including an analysis of job creation and retention resulting from these increased loan limits. The overall goal is to provide more financial support to domestic manufacturing businesses while maintaining fiscal responsibility.

Business and Industry

https://www.congress.gov/bill/119th-congress/senate-bill/1555/all-info