H.R. 10375 · In committee · Commerce

504 Modernization and Small Manufacturer Enhancement Act of 2026

What it does

Adds workforce development as a policy goal for SBA 504 loans, requiring borrowers to demonstrate either a 12-week in-house training program or a contract with an entity providing trained applicants with at least 12 weeks of relevant training.
Allows accredited lenders and certified development companies to reallocate up to 10 percent of project costs, correct typographical errors in borrower and property information, add eligible passive and operating companies, modify guarantor status.
Establishes a Priority certified development company program allowing trained and insured designated attorneys to close loans under expedited procedures, with SBA's Office of Credit Risk Management handling file reviews and district counsels removed from closing package oversight.
Requires the SBA Administrator to develop and implement a marketing and outreach plan for 504 loans within one year of enactment, potentially partnering with resource partners.
Permits assisted small businesses to lease up to 20 percent of newly constructed facilities to commercial or residential tenants while occupying at least 60 percent themselves and planning to occupy 80 percent within 10 years.

Sep 16, 2026: Ordered to be Reported by the Yeas and Nays: 23 - 0.

Committee: House Small Business