Bill
HR 10246
HR 10246 boosts SBA's 504 loan program by raising loan limits and simplifying applications, empowering small manufacturers to grow and create jobs in local economies.
The 504 Modernization and Small Manufacturer Enhancement Act of 2024 (HR 10246) aims to enhance the Small Business Administration's (SBA) 504 loan program, which provides long-term, fixed-rate financing for major fixed assets, such as real estate and equipment. The bill seeks to modernize the program to better support small manufacturers and improve access to capital for these businesses.
The bill includes several significant provisions designed to strengthen the 504 loan program:
Increased Loan Limits: The legislation proposes raising the maximum loan amount available under the 504 program, allowing small manufacturers to access larger sums of capital for expansion and investment.
Streamlined Application Process: HR 10246 aims to simplify the application process for small manufacturers, reducing bureaucratic hurdles and making it easier for businesses to secure funding.
Enhanced Technical Assistance: The bill provides for increased technical assistance and resources for small manufacturers, helping them navigate the loan process and utilize funds effectively.
Focus on Job Creation: The legislation emphasizes job creation as a key outcome of the enhanced 504 program, encouraging small manufacturers to hire and retain employees.
The primary beneficiaries of HR 10246 would be:
Small Manufacturers: Businesses classified as small manufacturers would gain improved access to financing, enabling them to invest in growth and innovation.
Local Economies: By supporting small manufacturers, the bill aims to stimulate local economies through job creation and increased economic activity.
SBA and Lenders: The SBA and participating lenders would need to adapt to the new provisions and processes established by the bill, potentially leading to changes in how they operate.
Introduced Date: The bill was introduced in the House on November 21, 2024.
Committee Referral: Upon introduction, HR 10246 was referred to the House Committee on Small Business for further consideration.
Companion Bill: There is a related companion bill, S 1352, which is being considered in the Senate, indicating bipartisan interest in the modernization of the 504 program.
HR 10246 represents a significant effort to modernize the SBA's 504 loan program, with a focus on enhancing support for small manufacturers. By increasing loan limits, streamlining processes, and providing technical assistance, the bill aims to foster growth and job creation within the small manufacturing sector. As it moves through the legislative process, stakeholders will be closely monitoring its progress and potential impacts on small businesses across the country.
Compiled from official sources — confirm details with the bill’s official record.
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