504 Modernization and Small Manufacturer Enhancement Act of 2021

Floor Speech

BREAK IN TRANSCRIPT

Ms. TENNEY. Madam Speaker, I thank Chairwoman Velazquez and Ranking Member Luetkemeyer for bringing forth this great bipartisan bill.

I rise today in support of H.R. 1490, the 504 Modernization and Small Manufacturer Enhancement Act. I am proud to cosponsor this bill with my colleagues from both sides of the aisle.

This bipartisan legislation improves the loan guaranty program and helps small manufacturers access capital by streamlining the loan process and providing support to manufacturers who apply for the loan from local Small Business Administration district offices.

As small businesses across the country and throughout New York's 22nd District continue to struggle with the devastating impacts of COVID-19, we must provide targeted support to our small businesses and manufacturers, and H.R. 1490 does just that.

This legislation increases the maximum loan amount to $6.5 million and requires SBA district offices to partner with SBA resource partners to provide entrepreneurial development assistance to small manufacturers, which are abundant in central New York.

This bill will also work to lower costs and streamline numerous administrative processes for small manufacturers, giving these businesses the tools and support they need to keep their doors open, something that has been said to me repeatedly through numerous townhalls with the small business community around the region.

As a member of the House Small Business Committee and, as the ranking member indicated, the owner of a small manufacturing facility that is in its 75th year in central New York, I am pleased to cosponsor H.R. 1490 and the other three small business bills on the floor today. These four bills will provide targeted relief to small businesses across New York's 22nd District and throughout the Nation. At a time when Americans seek true bipartisanship from its elected officials, I am honored to be part of that effort.

Madam Speaker, I thank Representative Craig from Minnesota and Representative Kim from California for their leadership on this issue. I look forward to continuing to work with them on this matter.

BREAK IN TRANSCRIPT

Source