Latest news with #MadeinAmericaManufacturingInitiative
Yahoo
5 days ago
- Business
- Yahoo
Trump's SBA administrator visits Central Texas gun manufacturer
FLORENCE, Texas (KXAN) — The woman overseeing the Small Business Administration under President Donald Trump toured a Central Texas gun manufacturing facility Thursday morning as part of a nationwide tour. Kelly Loeffler, the Small Business Administration (SBA) Administrator, visited Staccato in Florence, about an hour north of Austin. KXAN was invited to join her exclusively. 'That's what the Small Business Administration is about, it's about creating opportunity for small businesses like this one that are creating jobs and economic growth across this country,' Loeffler said. 'We've proposed to Congress doubling our manufacturing loan size to $10 million from $5 million so that manufacturers can continue to grow and invest just like here.' Earlier this year, the SBA announced a 'Made in America Manufacturing Initiative' which it says will cut down on red tape and regulations, make loans more accessible and promote a local manufacturing workforce. You can read the full list of promises made under the initiative here. 'That's what President Trump's agenda is about, it's deregulation, it's tax cuts, it's economic opportunity and growth for all Americans,' said Loeffler. The initiative promises to 'support President Trump's manufacturing agenda, including tariffs to restore fair and reciprocal trade…' but some Central Texas businesses have expressed concern about the impact tariffs may have. We asked Loeffler about those concerns Thursday. 'Yeah, so when we hear the word 'tariff' think fair trade,' Loeffler responded. 'Our small businesses have been incredibly disadvantaged by unfair trade policies in the last 30 years that hollowed out this country…remember, manufacturing is 99% small businesses.' The same day a court blocked most of President Trump's tariffs. The ruling left tariffs in place the 25% tariffs on cars, car parts and foreign-made steel and aluminum. The Trump administration has already filed a notice planning to appeal to the Supreme Court. You can read more about that legal process and the latest ruling here. Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
Business Mayor
24-05-2025
- Business
- Business Mayor
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.
Yahoo
13-05-2025
- Business
- Yahoo
Small Business Administration boosts manufacturing funding efforts
This story was originally published on Manufacturing Dive. To receive daily news and insights, subscribe to our free daily Manufacturing Dive newsletter. 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. Recommended Reading Small Business Administration launches 'Made in America' manufacturing effort
Business Upturn
01-05-2025
- Business
- Business Upturn
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. # # # 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 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.
Yahoo
25-04-2025
- Business
- Yahoo
Small Business Administration Loan Approvals Are ‘Surging'
The U.S. Small Business Administration (SBA) released data that shows manufacturing loans, the 7(a) business loan, are being approved in big numbers under the Trump administration for small businesses, Entrepreneur reports. Seventy-four percent more business owners were approved for the flagship program in the first 90 days of President Donald Trump's administration, in comparison to the first 90 days of the Biden-Harris administration in 2021. The loan gives business-owners the opportunity to buy real estate, purchase machinery, and receive furniture and supplies. It also guarantees up to 85% of 7(a) loans of $150,000 or less, and 75% of loans above $150,000. Manufacturing being a target comes from the Made in America Manufacturing Initiative launched by the agency in March 2025 last month, with a goal to eliminate $100 billion worth of regulations to provide manufacturers with the opportunity to create a pipeline of skilled workers to take on jobs. Between Jan. 20 to Apr. 17, the SBA approved over 1,120 7(a) manufacturing loans, racking up a total of $677 million. SBA Administrator Kelly Loeffler called it a sign of growth. 'Loan applications and approvals for small manufacturers are surging — a clear sign that American manufacturing is roaring back,' she said. The agency approved less than 650 loans back in 2021. However, the SBA was doing just as well when former President Joe Biden was in office. With 21 million new business applications filed during his term, Biden held the title of the most new business applications of any Presidential administration, according to Globe News Wire. The Biden-Harris Administration oversaw the fastest rate of new business applications on record, with an average of more than 440,000 applications being filed by entrepreneurs every month. The numbers showed a rate over 90% faster than pre-COVID-19 averages. Former SBA Administrator Guzman labeled the numbers as the team being able to 'meet small businesses and startups where they are with the resources they need to start, grow, and thrive.' A combination of tax cuts, deregulation, and trade policies such as tariffs up to 145% on imports from China, and a blanket tariff of 10% for other countries, is the way Trump has promoted his Made In America initiative. He highlighted his plans in his March 2025 Congress address. 'As part of our tax cuts, we want to cut taxes on domestic production and all manufacturing,' Trump said. Deemed an important element of the economy, the SBA's Office of Advocacy highlighted how close to 98% of American manufacturers are labeled as small businesses and employ 4.8 million U.S. workers as a whole. RELATED CONTENT: Report Reveals Best Lenders For Black Business Sign in to access your portfolio
