{"database": "press", "table": "releases", "rows": [["https://www.young.senate.gov/newsroom/press-releases/young-klobuchar-bills-to-help-americans-launch-and-expand-small-businesses-pass-the-committee-on-small-business-and-entrepreneurship/", "Young, Klobuchar Bills to Help Americans Launch and Expand Small Businesses Pass the Committee on Small Business and Entrepreneurship", "2023-07-19", "2023", "2023-07", "Republican", "Senate", "IN", "Todd Young", "Y000064", "www.young.senate.gov", "toddyoung", "https://www.young.senate.gov/newsroom/press-releases/", "scraper", "WASHINGTON \u2013 Today, two pieces of bipartisan legislation introduced by U.S. Senators Todd Young (R-Ind.) and Amy Klobuchar (D-Minn.) to help more Americans launch and expand small businesses by improving the Small Business Administration\u2019s (SBA) \u201c504\u201d loan program passed the Senate Committee on Small Business and Entrepreneurship.\n\nThe 504 Modernization and Small Manufacturer Enhancement Act would update the loan guarantee program and enhance small manufacturers\u2019 ability to access affordable capital. The SBA\u2019s 504 loan guarantee program provides small businesses long-term fixed rate financing for major fixed assets like land, equipment, and machinery. This legislation is also cosponsored by Senators Cory Booker (D-N.J.) and Marco Rubio (R-Fla.).\n\nThe 504 Credit Risk Management Improvement Act would increase and streamline oversight of the loan program, allowing for greater accountability.\n\n\u201cSmall businesses create about two-thirds of new American jobs and generate nearly half of all U.S. economic activity. Our bill will strengthen the Small Business Administration\u2019s 504 loan program, which provides access to affordable capital and helped generate more than $157 million in expansion financing in Indiana last year,\u201d said Senator Young. \u201cI am encouraged by today\u2019s vote, and I now urge the full Senate to quickly pass this bipartisan legislation to help small businesses.\u201d\n\n\u201cThe 504 loan program helps provide small businesses with the resources they need to create the jobs of tomorrow,\u201d said Senator Klobuchar. \u201cBy making key improvements to expand eligibility and increase access to capital, our bipartisan legislation will ensure that more small businesses, including small manufacturers, can access and benefit from this loan program.\u201d\n\nSpecifically, the 504 Modernization and Small Manufacturer Enhancement Act will:\n\nIncrease the maximum loan amount for small manufacturers to $6.5 million from $5.5 million;\n\nDecrease project costs for small manufacturers and adjust job creation and retention requirements;\n\nRequire SBA District Offices to partner with SBA Resource Partners to provide entrepreneurial development assistance to loan recipients;\n\nAdjust building occupancy standards, collateral requirements, and debt refinance parameters; and\n\nStreamline the 504 loan closing process by allowing accredited Certified Development Companies to perform closing-related tasks.\n\nThe 504 Credit Risk Management Improvement Act will:", 1, "2026-03-30T01:40:41Z", "2026-04-06T18:25:20Z"]], "columns": ["url", "title", "date", "year", "month", "party", "chamber", "state", "member_name", "bioguide_id", "domain", "scraper", "source", "date_source", "text", "has_text", "collected_at", "updated_at"], "primary_keys": ["url"], "primary_key_values": ["https://www.young.senate.gov/newsroom/press-releases/young-klobuchar-bills-to-help-americans-launch-and-expand-small-businesses-pass-the-committee-on-small-business-and-entrepreneurship/"], "units": {}, "query_ms": 1.834214199334383, "source": "dwillis/congress-press", "source_url": "https://github.com/dwillis/congress-press", "license": "MIT", "license_url": "https://github.com/dwillis/congress-press/blob/main/LICENSE"}