Administrator Loeffler Applauds Congressional Proposal to Increase Capital for Small Manufacturers
By GlobeNewswire Published on May 2, 2025, 03:05 IST
WASHINGTON, May 01, 2025 (GLOBE NEWSWIRE) — Today, Kelly Loeffler, Administrator of the U.S. Small Business Administration (SBA) applauded Senator Joni Ernst (R-IA) and Congressman Roger Williams (R-TX) for introducing new legislation that will double the individual loan limit for 7(a) and 504 small business manufacturing loans from $5 million to $10 million. The legislation aligns with SBA's commitment to restoring American industry through its Made in America Manufacturing Initiative.
In support of President Trump's fair-trade agenda and the effort to restore American economic independence, the Made in America Manufacturing Finance Act will provide small manufacturers with new capital to grow, hire, and produce American-made products. Nearly 99% of manufacturers in America are small businesses – and with new capital injection, they will lead the nation's effort to rebuild U.S. supply chains and recover American jobs.
'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.'
Driven by President Trump's pro-growth economic policies, small business demand for capital has skyrocketed. SBA 7(a) loan approvals for small manufacturers have increased by 74% in the first 100 days of this Administration – indicating a strong surge in small business formation and growth. The Made in America Manufacturing Finance Act will empower the SBA to meet this new demand – and supercharge the return of Made in America.
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About the U.S. Small Business Administration
The U.S. Small Business Administration helps power the American dream of entrepreneurship. As the leading voice for small businesses within the federal government, the SBA empowers job creators with the resources and support they need to start, grow, and expand their businesses or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.
Disclaimer: The above press release comes to you under an arrangement with GlobeNewswire. Business Upturn takes no editorial responsibility for the same.
GlobeNewswire provides press release distribution services globally, with substantial operations in North America and Europe.
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