Support is mounting for the Made in America Manufacturing Finance Act, a bill introduced by Senator Joni Ernst of Iowa. The legislation aims to double the loan limit for Small Business Administration (SBA) manufacturing loans. As Chair of the Senate Committee on Small Business and Entrepreneurship, Ernst has been vocal about her support for domestic manufacturing.
The bill has garnered significant praise from various sectors. Kevin Taylor, owner of Ceilley Pallets in Waterloo, Iowa, expressed optimism about the potential impact on local manufacturing: "I am optimistic that if stewarded properly, the additional resources available to small businesses will supercharge innovation, collaboration, production, education, and flourishing of our businesses and workforce."
Nicole Crain, President of the Iowa Association of Business and Industry, highlighted the importance of access to capital: "The Made in America Manufacturing Finance Act is a commonsense solution that will empower small manufacturers to invest in the tools, technology, and facilities they need to compete globally."
Adam Gregg from the Iowa Bankers Association emphasized how this legislation could drive investment across Iowa communities: "Manufacturing is an important piece of Iowa’s economy... This proposed legislation will make the work of our Iowa banks even more impactful."
In Cedar Rapids, Barbra Solberg from Cedar Rapids Metro Economic Alliance noted that increasing access to capital would allow businesses to expand and innovate while reinforcing domestic supply chains.
Nationally, companies like Better Team USA Corp see this bill as crucial for fostering growth. Martin Di Battista stated: "This important legislation... will play a crucial role in fostering growth, expanding manufacturing capabilities."
Other organizations such as Ignite Long Island have also shown strong support. Jamie Moore said that raising loan limits would benefit many manufacturers facing growing capital needs.
Companies like Marotta Controls in New Jersey are urging Congress to act on this increase to support their capacity expansion efforts within the Defense Industrial Base.
Similarly supportive sentiments were echoed by other business leaders across different states including Amy Czyz from Sly Drinks in Arizona who called for reduced equity requirements alongside increased loan caps.
As discussions continue around this bipartisan proposal aimed at boosting American manufacturing through increased SBA loan limits from $5 million to $10 million per borrower under 7(a) programs—stakeholders remain hopeful about its passage given widespread backing from both local entities within individual states as well national organizations representing diverse industry segments nationwide.
