Today, the U.S. House of Representatives passed the Made in America Manufacturing Finance Act (H.R. 3174) under suspension, favorably out of the chamber. This legislation will significantly expand access to capital for small American manufacturers and strengthen the domestic industry. Chairman Roger Williams (TX-25) issued the following statement on the legislation.
“I want to thank Administrator Loeffler and my colleagues in the House and Senate for their partnership on this crucial legislation, as we support America’s small businesses, which make up nearly 99% of all U.S. manufacturers,” said Congressman Williams. “The Made in America Manufacturing Finance Act provides small business owners the capital they need to expand, modernize, and compete. We must continue to support and empower the job creators who keep our communities thriving. Together, we will continue driving the America First Agenda forward and creating an environment where the success of Main Street is a priority.”
Click here to view the bill. Background: H.R. 3174 strengthens America’s small manufacturers by increasing loan limits for qualifying small manufacturers from $5 million (or $5.5 million in some cases) to $10 million, under the loan guarantee programs administered by the Small Business Administration (SBA).
The expanded loan capacity under SBA 7(a) and 504 programs will allow small manufacturers to access the capital needed for equipment, expansion, modernization, working capital, export financing, and other critical investments. Because manufacturing is capital-intensive, these increased limits will lower barriers for small businesses to scale and compete, driving job creation, boosting local economies, and strengthening national manufacturing capacity.
Cosponsors include Reps. Dan Meuser (R-Pennsylvania), Nathaniel Moran (R-Texas), Craig Goldman (R-Texas), Tony Wied (R-Wisconsin), Troy Downing (R-Montana), Brad Finstad (R-Minnesota), Jake Ellzey (R-Texas), Brian Jack (R-Georgia), Nick LaLota (R-New York), Kimberlyn King-Hinds (R-Northern Mariana Islands), Beth Van Duyne (R-Texas), and Derek Schmidt (R-Kansas).
Senators Joni Ernst (R-Iowa) and Chris Coons (D-Delaware) are leading the companion legislation in the Senate.
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Congressman Roger Williams is the Chairman of the House Small Business Committee and a member of the House Financial Services Committee. He proudly represents the 25th Congressional District of Texas.
