Laserfiche WebLink
Washington Bureau- bizjournals.com - Page 1 of 3 <br /> k <br /> pat * * ' :,, "'' 1 s' 1.' * 4` *- - <br /> • .0-*"*" rn .. <br /> tzio ais <br /> Subscribe Book of Lists Sales Prospecting Money HR Help Email Alerts Biz Resources Sales Leads Classifieds Latest News Pr <br /> Search Type keywordso; »Archives»Search Watch a News by Industry N <br /> Home»Washington Bureau»Archive»2003»August»Week of August 4,2003 Sign u <br /> August 4,2003 <br /> SBA bills boost loans to manufacturers ' <br /> LO <br /> Kent Hoover <br /> DECI <br /> Washington Bureau Chief <br /> MAI <br /> On the morning of July 24,the Congressional Manufacturing Caucus met for the first time, 7 <br /> gathering in the House Small Business Committee's hearing room at the invitation of <br /> committee Chairman Don Manzullo, R-Ill. Industry Update <br /> Click here to browse <br /> industry categories <br /> The focus on manufacturing did not end, however, when the pastries were taken out the news. <br /> door. As soon as the breakfast ended, Manzullo gaveled his committee into session and <br /> pushed through a Small Business Administration reauthorization bill that increases the Email Alerts <br /> amount of mone small manufacturers can borrow throw _ BA .ro' . s and cre. - s- Daily Business Upd <br /> programs specifically aimed at helping manufacturers. Search Watch <br /> News by Industry <br /> The legislation madegood on Manzullo's promise <br /> HR Blunders <br /> SBA loan approvals * g p Avoid spending big <br /> earlier this year to use the SBA reauthorization bucks to correct <br /> Type of Number of Total bill as a way to boost the nation's struggling HR blunders. <br /> IIIloan loans dollars manufacturing sector. Money Center <br /> Open books bring <br /> All loans 52,435 $10.03 3 "We are hemorrhaging manufacturing jobs in thisbillioCompanies that ke <br /> country," says Manzullo, whose hometown of open to employees <br /> 7(a)loans 47,675 $7.85 billion Rockford, Ill., once boasted of being the machine acting more like pa <br /> tool capital of the world but is losing ground to <br /> 504 loans 4,760 $2.18 billion overseas competition. Preferred <br /> *Year to date through June 30 Partner <br /> "The small business economy, and the entire Increase <br /> Source: Small Business Administration cannot succeed without a sound Productivity,out <br /> manufacturing base,"he says. Solutions <br /> Arrange a free exe <br /> with an Administa <br /> The bill allows small manufacturers to obtain SBA-guaranteed loans of up to $4 million learn more about y <br /> through the 504 program, which pairs certified development companies with banks to costs,the impact o <br /> finance projects that generate jobs in a community. The previous loan limit for the SBA- revenue,and how <br /> backed part of a 504 financing package was $1 million to $1.3 million, depending on the help increase the p <br /> type of project. business. <br /> Arrang <br /> The increased 504 loan maximum for manufacturers also was included in the Senate's <br /> version of the SBA reauthorization bill. <br /> HR Help Center <br /> At work <br /> "There is no doubt we will put more money into small manufacturing with this bill," says Boost your job inte <br /> Christopher Crawford, executive director of the National Association of Development P with a mini-intervi <br /> Companies, the trade group for CDCs. <br /> `,. In order to stay competitive in global markets, U.S. manufacturers need to invest in <br /> •s� "sophisticated, leading-edge technology and equipment,"he says. Allowing small <br /> http://twincities.bizjournals.com/extraedge/washingtonbureau/archive/2003/08/04/bureau l.h... 8/4/2003 <br />