504 Modernization and Small Manufacturer Enhancement Act of 2021

Floor Speech

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Ms. CRAIG. Madam Speaker, for over a year now, small businesses in my district and across the country have struggled to make it through this public health and economic crisis. As a result of this pandemic, prospective small business owners face a steeper climb than ever before.

We must do more to make it easy to start, operate, and expand a small business in our communities. One of the most important ways that we can do this is by ensuring that the Small Business Administration's loan programs are operating as effectively and efficiently as possible.

Today, we have two bills that would do exactly that, including my bipartisan bill, the 504 Modernization and Small Manufacturer Enhancement Act. These crucial bipartisan pieces of legislation will not only increase the amount of capital available to manufacturers, but will actually ease the process of getting a loan because, in the midst of a severe economic crisis, our businessowners simply cannot be bogged down in red tape and legalese.

Taken together, these bills will help to promote the economic development of small manufacturers, creating good paying jobs in growing industries all across this country.

To demonstrate just how impactful these loans can be, I want to tell you about Nate Bry, a lifelong resident of Rosemount, Minnesota. Thirteen years ago, Nate founded a sports apparel company called Custom Apparel Inc. in the basement of his home. After years of hard work, Nate felt that it was finally time to reach a turning point, but he didn't have the resources he needed to take his business to the next level. When Nate received a 504 loan, he was immediately able to invest in his company, building a facility to manufacture his products right in his hometown, creating good-paying jobs in the very same community where he grew up.

Nate's story, like so many others, is proof that the 504 loan program can change the lives of small business owners in this country. This program ensures that small businesses like Nate's are able to succeed, bringing home the job growth and economic stability that our communities are striving for, especially as we emerge from this devastating economic crisis.

Because these are not simply businesses. These are livelihoods, family traditions, and priceless contributions to our communities, and we have an opportunity to support them on a bipartisan basis by taking action today.

Madam Speaker, I urge all of my colleagues to come together and join me in supporting these bills and businesses across our Nation.

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