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Investing in America's Small Manufacturers Act

Introduced: February 9, 2017 Introduced by: Coons, Christopher A. Democratic · Delaware See on congress.gov
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 Everywhere this bill has been 2 steps
Introduced
In committee
Reported out
Passed House
Passed Senate
To President
Became law
Feb 9, 2017
Read twice and referred to the Committee on Small Business and Entrepreneurship.
Feb 9, 2017
Introduced in Senate
 Plain-English summary Congressional Research Service

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.

What's happening now February 9, 2017

Read twice and referred to the Committee on Small Business and Entrepreneurship.

 Committees of jurisdiction 1
 Cosponsors 1
All 1 Democratic 1