Made in America Manufacturing Finance Act
Floor Speech
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Mr. WILLIAMS of Texas. Mr. Speaker, I move to suspend the rules and pass the bill (H.R. 3174) to increase loan limits for loans made to small manufacturers, and for other purposes, as amended.
The Clerk read the title of the bill.
The text of the bill is as follows: H.R. 3174
Be it enacted by the Senate and House of Representatives of the United States of America in Congress assembled, SECTION 1. SHORT TITLE.
This Act may be cited as the ``Made in America Manufacturing Finance Act''. SEC. 2. DEFINITIONS.
Section 3 of the Small Business Act (15 U.S.C. 632) is amended by adding at the end the following:
``(gg) Small Manufacturer.--The term `small manufacturer' means a small business concern--
``(1) the primary business of which is classified in sector 31, 32, or 33 of the North American Industrial Classification System; and
``(2) all of the production facilities of which are located in the United States.''. SEC. 3. SMALL BUSINESS ACT LOAN LIMITS FOR SMALL MANUFACTURERS.
Section 7(a) of the Small Business Act (15 U.S.C. 636(a)) is amended--
(1) in paragraph (3)--
(A) in subparagraph (A)--
(i) by inserting ``except as provided in subparagraph (B),'' before ``if the total'';
(ii) by striking ``would exceed $3,750,000'' and inserting the following: ``would exceed--
``(i) $3,750,000'';
(iii) in clause (i), as so designated, by striking ``, except as provided in subparagraph (B);'' and inserting ``; or''; and
(iv) by adding at the end the following:
``(ii) in the case of a borrower that is a small manufacturer, $7,500,000 (or if the gross loan amount would exceed $10,000,000);''; and
(B) in subparagraph (B)--
(i) by striking ``would exceed $4,500,000'' and inserting the following: ``would exceed--
``(i) $4,500,000'';
(ii) in clause (i), as so designated, by striking ``section 7(a)(14) for export purposes; and'' and inserting ``paragraph (14) for export purposes; or''; and
(iii) by adding at the end the following:
``(ii) in the case of a borrower that is a small manufacturer, $9,000,000 (or if the gross loan amount would exceed $10,000,000), of which not more than $8,000,000 may be used for working capital, supplies, or financings under paragraph (14) for export purposes; and''; and
(2) in paragraph (14)(B)(i), by striking ``than $5,000,000.'' and inserting the following: ``than--
``(I) except as provided in subclause (II), $5,000,000; or
``(II) in the case of a loan made to a small manufacturer, $10,000,000.''. SEC. 4. SMALL BUSINESS INVESTMENT ACT OF 1958 LOAN LIMITS FOR SMALL MANUFACTURERS.
Section 502(2)(A)(iii) of the Small Business Investment Act of 1958 (15 U.S.C. 696(2)(A)(iii)) is amended by striking ``$5,500,000'' and inserting ``$10,000,000''.
Mr. Speaker, I rise in strong support of my bill, H.R. 3174, the Made in America Manufacturing Finance Act.
The ability to manufacture in the United States is vital to our country's economic and national security. However, for decades, America's policies have shipped good-paying manufacturing jobs overseas and opened the door for foreign adversaries to fill the void. We must reverse this trend which would require more than just luck.
That is why the Trump administration has been championing progrowth and pro-American policies that are fueling a domestic manufacturing comeback. Now, Congress can do its job to reverse the trend and support the revitalization of American manufacturing.
Small American manufacturers account for 98 percent of U.S. manufacturing companies. Like all small businesses, access to capital, or the appropriate amount of capital, is challenging. H.R. 3174 gives small American manufacturers access to capital at a level they need to start or grow their operations.
This legislation increases the loan limit for small American manufacturers under the SBA's 7(a) and 504 lending programs from $5 million to $10 million.
This will provide American manufacturing the capital they need to invest in new technology, hire, grow, and create onshore jobs that we have carelessly lost overseas.
H.R. 3174 is essential to keep pace with demand for capital and bring jobs back to the U.S. Two weeks ago, the Committee on Small Business heard testimony from the industry and other manufacturing stakeholders about the importance of this bill for small manufacturers across the country looking to grow and reshore their businesses.
It is often the case that when Congress passes a bill to support an industry, it will come at a cost to taxpayers. This is not the case with H.R. 3174 because the SBA's 7(a) and 504 loan programs operate under zero subsidy, meaning zero cost to the taxpayer. The Congressional Budget Office's review found that any costs would be insignificant in this area.
H.R. 3174 presents Congress with the critical opportunity to usher in the golden age of American manufacturing.
Mr. Speaker, I urge my colleagues to support H.R. 3174, to support made in America, small businesses, and the revitalization of the American manufacturing base.
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Mr. WILLIAMS of Texas. Mr. Speaker, I urge my colleagues to support H.R. 3174 that supports American manufacturing, and I reserve the balance of my time.
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Mr. WILLIAMS of Texas. Mr. Speaker, I urge my colleagues to support this commonsense legislation, and I yield back the balance of my time.
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