Small businesses are approved for manufacturing of loans In greater numbers this year, according to data from Small Business Administration of the United States (SBA).
Its flagship program, the 7 (a) Commercial loanOffer to entrepreneurs the possibility of buying real estate, buying machines and obtaining furniture and supplies, and guarantees Up to 85% of the 7 (a) loans of $ 150,000 or less, and up to 75% of loans greater than $ 150,000.
According to New data By the SBA, 74% of business owners were approved for 7 (a) manufacturing loans during the first 90 days of the administration of President Donald Trump only during the first 90 days of the administration of former President Joe Biden in 2021.
From January 20 to April 17, SBA approved more than 1,120 7 (a) manufacturing loans totaling $ 677 million. During the same period in 2021, the SBA approved less than 650 7 (a) loans, which is equivalent to $ 497 million in funds.
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“Loan requests and approvals for small manufacturers increase – a clear sign that American manufacturing roared”, the administrator SBA Kelly Loeffler indicated in a press release.
The SBA spear His initiative made in America manufacturing last month, which aims to reduce the regulations of $ 100 billion for manufacturers and to create a pipeline of qualified workers to assume manufacturing jobs.
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Trump promotes manufacturing in America through a combination of Tax reductions,, deregulationand trade policies, including price Up to 145% on imports from China and a coverage rate of 10% for other countries until July. On Wednesday, however, Trump has noted that he would plan to reduce the prices of China.
“As part of our tax discounts, we want to reduce taxes on domestic production and any manufacture,” said Trump In the Congress remarks last month.
According to the SBA AdvocacyAbout 98% of American manufacturers are considered small businesses and collectively employ 4.8 million American workers.
The SBA offers other loans to small businesses in addition to 7 (A), including 504 loans up to $ 5.5 million and microlons up to $ 50,000.