Small Business Administration boosts manufacturing funding efforts
Dive Brief:
The U.S. Small Business Administration is increasing funding opportunities to help small- and mid-sized manufacturers build, expand or enhance their operations.
As part of its Made in America Manufacturing Initiative, the agency said it will provide three eligible applicants with up to $1.1 million total to deliver training and assistance to support small businesses in its Empower to Grow Program.
Building on the initiative, legislation was recently introduced in both the House and Senate that would double the limits of 7(a) small business loans from $5 million to $10 million if approved by Congress.
Dive Insight:
President Donald Trump has made manufacturing a key pillar of his second term, with the SBA pledging to cut $100 billion in regulatory burdens and costs for small manufacturers as part of its Made in America initiative launched in March.
The agency also said it would look to expand financing options and make it easier for people to qualify for small business loans.
As part of its effort, the SBA announced a funding opportunity for organizations looking to help small manufacturers by offering free business courses, hands-on training and consulting to support growth in their operations and hiring.
The SBA is looking to award up to $1.1 million to three applicants. Participants must be a for-profit or not-for-profit entity, including trade or professional associations and educational institutions. The deadline to submit proposals is May 12.
'With this new grant, the agency will accelerate the return of American supply chains, production power, and economic independence,' SBA Administrator Kelly Loeffler said in a statement.
SBA 7(a) loan approvals skyrocketed 74% in the first 100 days of Trump's second term compared to the same period during former president Joe Biden's administration. The 7(a) program is a public-private partnership that offers guaranteed loans to help small businesses finance equipment purchases, acquisitions and working capital.
In an effort to open up more funding to small businesses, Iowa Senator Joni Ernst and Texas Congressman Roger Williams introduced federal legislation that would increase the individual loan limits for 7(a) and 504 programs to $10 million. Similar proposals advocating for increased loan limits have failed over the years. So far this latest piece of legislation has received bipartisan support, including praise from the U.S. Chamber of Commerce.
'Doubling the U.S. Small Business Administration's (SBA) loan limit will free up capital small business owners use to increase employees' paychecks, broaden benefits, and expand operations,' Rodney Davis, head of government affairs at the Chamber of Commerce, said in a statement.
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