Investing in America's Small Manufacturers Act
- Last Action
- 2/9/2017
Actions
- 2017-02-09Read twice and referred to the Committee on Small Business and Entrepreneurship.
- 2017-02-09Introduced in Senate
CRS Summary
As of 2017-02-09 (00)
Investing in America's Small Manufacturers Act
This bill amends the Small Business Act to authorize the Small Business Administration (SBA) to guarantee 90% of a loan to a small business manufacturing concern.
The SBA may not collect a guarantee fee on these loans of more than $350,000. For loans exceeding this amount, the fee shall be 50% of the guarantee fee that the SBA would otherwise collect for the loan.
The SBA must provide training to small manufacturers in obtaining SBA assistance, including on the application process and partnering with participating lenders.
This bill authorizes the SBA and its partners to establish partnerships to facilitate outreach to small manufacturers with respect to the application process for SBA loan guarantees.
A state or local development company's debenture issued to a small manufacturer for an SBA loan guarantee may not exceed 50% of the project's cost, subject to certain exceptions.
Cosponsors (2)
- Cory Gardner (R-CO)
- Kirsten Gillibrand (D-NY)
Subjects
- Advanced technology and technological innovations
- Business education
- Executive agency funding and structure
- Government lending and loan guarantees
- Manufacturing
- Securities
- Small Business Administration
- Small business
- Social work, volunteer service, charitable organizations
- User charges and fees
Sourced from Congress.gov (public domain).
This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.