Legis Daily

Strengthening Investment to Grow Manufacturing in America Act

USA116th CongressS-2131| Senate 
| Updated: 7/16/2019
Christopher A. Coons

Christopher A. Coons

Democratic Senator

Delaware

Cosponsors (3)
Jacky Rosen (Democratic)Tim Scott (Republican)Cory Gardner (Republican)

Small Business and Entrepreneurship Committee

  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Strengthening Investment to Grow Manufacturing in America Act This bill provides incentives, investment, and resources for U.S. small manufacturers. Specifically, the bill increases the maximum loan guarantee rate for Small Business Association (SBA) loans to manufacturers, and it increases the limit for loans to be used for plant acquisition, construction, conversion, and expansion. The bill also eliminates guarantee fees paid by small manufacturers for loans under $350,000 and reduces the fees on loans over that amount. For acquisition and construction loans, the bill reduces the financing requirement for small manufacturers and increases the allowable debt refinancing for facility expansions. Small manufacturers are further authorized to lease a greater percentage of their facility to obtain financing. In addition, the bill authorizes discount debentures to manufacturers and provides leverage capacity in the Small Business Investment Company program for investments in small manufacturers (1) in low or moderate income areas, rural areas, or areas of high unemployment; or (2) that are veteran-, minority-, or women-owned, have demonstrated employment growth, or are vital to national security. The bill further directs the SBA to use its existing resources to provide training and education to small manufacturers on how to navigate application processes for receiving assistance from SBA programs. Lastly, the bill directs the SBA to ensure its business loan programs provide adequate support for innovative technologies in manufacturing.
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Timeline
Jul 11, 2019

Latest Companion Bill Action

HR 116-3730
Introduced in House
Jul 16, 2019
Introduced in Senate
Jul 16, 2019
Read twice and referred to the Committee on Small Business and Entrepreneurship.
  • July 11, 2019

    Latest Companion Bill Action

    HR 116-3730
    Introduced in House


  • July 16, 2019
    Introduced in Senate


  • July 16, 2019
    Read twice and referred to the Committee on Small Business and Entrepreneurship.

Commerce

Related Bills

  • HR 116-3730: Strengthening Investment to Grow Manufacturing in America Act
Advanced technology and technological innovationsBusiness educationCongressional oversightEconomic developmentExecutive agency funding and structureGovernment information and archivesGovernment lending and loan guaranteesManufacturingMinority and disadvantaged businessesRural conditions and developmentSecuritiesSmall businessSmall Business AdministrationSocial work, volunteer service, charitable organizationsUser charges and feesVeterans' education, employment, rehabilitationWomen in business

Strengthening Investment to Grow Manufacturing in America Act

USA116th CongressS-2131| Senate 
| Updated: 7/16/2019
Strengthening Investment to Grow Manufacturing in America Act This bill provides incentives, investment, and resources for U.S. small manufacturers. Specifically, the bill increases the maximum loan guarantee rate for Small Business Association (SBA) loans to manufacturers, and it increases the limit for loans to be used for plant acquisition, construction, conversion, and expansion. The bill also eliminates guarantee fees paid by small manufacturers for loans under $350,000 and reduces the fees on loans over that amount. For acquisition and construction loans, the bill reduces the financing requirement for small manufacturers and increases the allowable debt refinancing for facility expansions. Small manufacturers are further authorized to lease a greater percentage of their facility to obtain financing. In addition, the bill authorizes discount debentures to manufacturers and provides leverage capacity in the Small Business Investment Company program for investments in small manufacturers (1) in low or moderate income areas, rural areas, or areas of high unemployment; or (2) that are veteran-, minority-, or women-owned, have demonstrated employment growth, or are vital to national security. The bill further directs the SBA to use its existing resources to provide training and education to small manufacturers on how to navigate application processes for receiving assistance from SBA programs. Lastly, the bill directs the SBA to ensure its business loan programs provide adequate support for innovative technologies in manufacturing.
View Full Text

Suggested Questions

Get AI-generated questions to help you understand this bill better

Timeline
Jul 11, 2019

Latest Companion Bill Action

HR 116-3730
Introduced in House
Jul 16, 2019
Introduced in Senate
Jul 16, 2019
Read twice and referred to the Committee on Small Business and Entrepreneurship.
  • July 11, 2019

    Latest Companion Bill Action

    HR 116-3730
    Introduced in House


  • July 16, 2019
    Introduced in Senate


  • July 16, 2019
    Read twice and referred to the Committee on Small Business and Entrepreneurship.
Christopher A. Coons

Christopher A. Coons

Democratic Senator

Delaware

Cosponsors (3)
Jacky Rosen (Democratic)Tim Scott (Republican)Cory Gardner (Republican)

Small Business and Entrepreneurship Committee

Commerce

Related Bills

  • HR 116-3730: Strengthening Investment to Grow Manufacturing in America Act
  • Introduced
  • In Committee
  • On Floor
  • Passed Chamber
  • Enacted
Advanced technology and technological innovationsBusiness educationCongressional oversightEconomic developmentExecutive agency funding and structureGovernment information and archivesGovernment lending and loan guaranteesManufacturingMinority and disadvantaged businessesRural conditions and developmentSecuritiesSmall businessSmall Business AdministrationSocial work, volunteer service, charitable organizationsUser charges and feesVeterans' education, employment, rehabilitationWomen in business