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SBA Loan Approvals Surge: Good News for Small Businesses
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Manufacturing Loans Surge Under Trump governance, SBA Data Shows
Table of Contents
- Manufacturing Loans Surge Under Trump governance, SBA Data Shows
- Key Takeaways
- The 7(a) Loan Program: A Cornerstone for Manufacturers
- Data Highlights Manufacturing Loan Surge
- Administrator Loeffler's Perspective
- The Made in America Manufacturing Initiative
- Trump's policies to Support Manufacturing
- Beyond the 7(a) Loan: Other SBA Options
- FAQ: SBA Manufacturing Loans
Small businesses are seeing increased approval rates for manufacturing loans this year, according to data released by the U.S. Small Business Administration (SBA). this surge is especially noticeable when comparing the early months of the Trump administration to those of the Biden administration.
Key Takeaways
- SBA 7(a) loan approvals for small manufacturers increased by 74% during the frist 90 days of the Trump administration compared to the same period under the Biden administration in 2021 [2].
- The SBA approved over 1,120 7(a) manufacturing loans totaling $677 million between Jan. 20 and April 17.
- The SBA's Made in America Manufacturing Initiative aims to cut $100 billion in regulations for manufacturers.
The 7(a) Loan Program: A Cornerstone for Manufacturers
The SBA's flagship 7(a) business loan program is a vital resource for entrepreneurs in the manufacturing sector.It provides the capital needed to:
- Buy real estate
- Purchase machinery
- Obtain furniture and supplies
the 7(a) loan program offers guarantees of up to 85% for loans of $150,000 or less, and up to 75% for loans exceeding $150,000 [3].
Pro tip: A well-structured business plan significantly increases your chances of SBA loan approval. Highlight your manufacturing expertise and market analysis.
Data Highlights Manufacturing Loan Surge
New data from the SBA reveals a significant increase in manufacturing loan approvals. During the first 90 days of President Trump's administration, 74% more business owners were approved for 7(a) manufacturing loans compared to the same period in 2021 under President Biden [2].
Specifically, from Jan. 20 to April 17, the SBA approved more than 1,120 7(a) manufacturing loans, totaling $677 million. In contrast, during the same period in 2021, fewer than 650 7(a) loans were approved, amounting to $497 million.
Administrator Loeffler's Perspective
SBA Administrator Kelly Loeffler emphasized the positive trend in manufacturing,stating:
Loan applications and approvals for small manufacturers are surging — a clear sign that American manufacturing is roaring back.
Kelly Loeffler, SBA Administrator [2]
The Made in America Manufacturing Initiative
The SBA launched its Made in America Manufacturing Initiative last month, aiming to boost the manufacturing sector through:
- Cutting $100 billion worth of regulations for manufacturers
- Creating a pipeline of skilled workers to fill manufacturing jobs
Trump's policies to Support Manufacturing
President Trump is actively promoting Made in America manufacturing through a combination of policies, including:
- Tax cuts:
As part of our tax cuts, we want to cut taxes on domestic production and all manufacturing,
trump stated in remarks to Congress. - Deregulation
- Trade policies: Including tariffs of up to 145% on imports from China and a blanket tariff of 10% for othre countries until July. However,Trump has indicated he would consider lowering China tariffs.
Did you know? About 98% of American manufacturers are considered small businesses, employing 4.8 million U.S. workers, according to the SBA's Office of Advocacy.
Beyond the 7(a) Loan: Other SBA Options
The SBA offers various loan programs to support small businesses, including:
- 504 loans: Up to $5.5 million
- Microloans: Up to $50,000
FAQ: SBA Manufacturing Loans
- What is an SBA 7(a) loan?
- It is indeed a loan program that helps small businesses access capital for various needs, including real estate, machinery, and supplies.
- How much can I borrow with a 7(a) loan?
- The SBA guarantees up to 85% of loans of $150,000 or less and up to 75% of loans above $150,000.
- What is the Made in America Manufacturing Initiative?
- An SBA initiative to cut regulations and create a skilled workforce for the manufacturing sector.
