S. 2662 · In committee · Commerce

504 Modernization and Small Manufacturer Enhancement Act of 2025

What it does

Adds workforce development as a formal policy goal for the 504 certified development company loan program, requiring small businesses to demonstrate a documented 12-week in-house training program or a contract with an entity providing trained applicants.
Raises the maximum loan amount for manufacturing projects under the 504 program from $5.5 million to $10 million.
Authorizes accredited lender certified companies to reallocate project costs by up to 10 percent and correct borrower, guarantor, and property information to facilitate loan closing.
Reduces equity contribution requirements for small manufacturers to 5 percent of total project cost (down from the standard rate) if the business has operated 2 years or less or if the project involves a limited-purpose building.
Transfers file review responsibility for 504 loans from SBA district counsels to the Office of Credit Risk Management and empowers designated attorneys at certified development companies to certify closing documents.

Sep 17, 2025: Committee on Small Business and Entrepreneurship. Hearings held.

Committee: Senate Small Business and Entrepreneurship