Senate Bill 2131
116th Congress(2019-2020)
Strengthening Investment to Grow Manufacturing in America Act
Introduced
Introduced
Introduced in Senate on Jul 16, 2019
Overview
Text
Introduced
Jul 16, 2019
Latest Action
Jul 16, 2019
Origin Chamber
Senate
Type
Bill
Bill
The primary form of legislative measure used to propose law. Depending on the chamber of origin, bills begin with a designation of either H.R. or S. Joint resolution is another form of legislative measure used to propose law.
Bill Number
2131
Congress
116
Policy Area
Commerce
Commerce
Primary focus of measure is business investment, development, regulation; small business; consumer affairs; competition and restrictive trade practices; manufacturing, distribution, retail; marketing; intellectual property. Measures concerning international competitiveness and restrictions on imports and exports may fall under Foreign Trade and International Finance policy area.
Sponsorship by Party
Delaware
Colorado
South Carolina
No Senate votes have been held for this bill.
Summary

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.

Text (1)
Actions (2)
07/16/2019
Read twice and referred to the Committee on Small Business and Entrepreneurship.
07/16/2019
Introduced in Senate
Public Record
Created
Jul 17, 2019 4:42:09 AM
Updated
May 1, 2020 4:28:16 AM