H.R. 3174
Made in America Manufacturing Finance Act
Official summary
Written by the Congressional Research Service.
Made in America Manufacturing Finance Act
This bill increases the maximum loan amounts available to small manufacturers under the Small Business Administration's 7(a) and 504 loan programs.
In particular, the bill generally doubles the maximum loan amount for small manufacturers under the 7(a) program and the bill increases the maximum loan amount for small manufacturers under the 504 program from $5.5 million to $10 million.
Generally, 7(a) loans provide short- and long-term working capital which can be used for expenses such as operational needs. 504 loans provide financing for major fixed assets such as new facilities.
Text of the bill
Section 3 of the Small Business Act (15 U.S.C. 632) is amended by adding at the end the following:
(gg) Small manufacturer. The term small manufacturer means a small business concern—
(1) the primary business of which is classified in sector 31, 32, or 33 of the North American Industrial Classification System; and
(2) all of the production facilities of which are located in the United States.