Working in partnership with SBA, on May 1, the Senate Committee on Small Business and Entrepreneurship and the House Committee on Small Business simultaneously introduced legislation in both chambers, the Made in America Manufacturing Finance Act (MAMFA), that would increase the maximum size for SBA loans made to small business manufacturers to $10 million. The bills would make the increased loan size available to businesses that are based solely in the US with their primary business classified under NAICS codes 31, 32 or 33. [SBA’s size standards by NAICS can be found in the Code of Federal Regulations, 13 CFR 121.201.] Loans to businesses in all other industries would remain capped at $5 million.
NAGGL has sent a letter supporting the MAMFA legislation to the Chairs of both Committees.
In addition, as part of SBA’s Made in America Manufacturing Initiative, on April 30, Administrator Loeffler announced that SBA will be providing up to $1.1 million in grants to entities to enable them to assist small business manufacturers. The grants will be awarded to three applicants to enable them to “deliver training and technical assistance to support small manufacturers in the SBA’s Empower to Grow (E2G) Program – including those businesses in key industries such as timber, energy, aluminum, and steel”. SBA describes the goal of the E2G Program as providing “eligible U.S. small businesses with free business courses, hands-on training, and one-on-one consulting to support their growth, operations, hiring, regulatory compliance, and government contracting competitiveness.”
Stay tuned for more information about the proposed legislation and SBA’s other manufacturing initiatives as it becomes available.
