II 

116TH CONGRESS 

1ST SESSION S. 2131 

To amend the Small Business Act and the Small Business Investment Act 

of 1958 to increase access to capital for small business concerns that 

are manufacturers. 

IN THE SENATE OF THE UNITED STATES 

JULY 16, 2019 

Mr. COONS (for himself, Mr. SCOTT of South Carolina, Mr. GARDNER, and 

Ms. ROSEN) introduced the following bill; which was read twice and referred to the Committee on Small Business and Entrepreneurship 

A BILL 

To amend the Small Business Act and the Small Business 

Investment Act of 1958 to increase access to capital 

for small business concerns that are manufacturers. 

1 Be it enacted by the Senate and House of Representa2 tives of the United States of America in Congress assembled, 

3 SECTION 1. SHORT TITLE. 

4 This Act may be cited as the ‘‘Strengthening Invest5 ment to Grow Manufacturing in America Act’’. 

6 SEC. 2. FINDINGS. 

7 Congress finds the following: 

8 (1) Manufacturers contributed over 

9 $2,330,000,000,000 to the United States economy 


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1 in the first quarter of 2018 and accounted for 12 

2 percent of United States gross domestic product in 

3 2017. 

4 (2) Manufacturing is one of the most important 

5 sectors of the United States economy with respect to 

6 employment. In 2013, the manufacturing sector sup7 ported over 17,000,000 indirect jobs in the United 

8 States, in addition to the 12,000,000 individuals 

9 who were directly employed in manufacturing. Com10 bined, these indirect and direct manufacturing jobs 

11 represented more than 20 percent of United States 

12 employment in 2013—more than any other sector. 

13 (3) While the United States has added over 

14 14,000,000 non-farm jobs since 2010, manufac15 turing job growth has lagged and added only ap16 proximately 900,000 jobs. Post-recession job recov17 ery averages since the 1940s indicate that another 

18 1,200,000 manufacturing jobs should have been cre19 ated during this period. 

20 (4) Small manufacturers are the backbone of 

21 the United States manufacturing industry, account22 ing for nearly half of all manufacturing jobs in the 

23 United States. Ensuring that small manufacturers 

24 have adequate access to capital is critical to creating 


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1 manufacturing jobs and the growth of the United 

2 States economy. 

3 (5) The 2015 Federal Reserve Small Business 

4 Credit Survey indicates that of the 52 percent of 

5 manufacturers that applied for financing during the 

6 survey period, 65 percent did so to expand their 

7 business or to pursue a new business opportunity. 

8 The survey also indicates that 42 percent of manu9 facturers received less financing than they requested, 

10 the primary result of which was delayed expansion 

11 of their business. 

12 (6) The loan guarantee programs of the Small 

13 Business Administration under section 7(a) of the 

14 Small Business Act (15 U.S.C. 636(a)) and title V 

15 of the Small Business Investment Act of 1958 (15 

16 U.S.C. 695 et seq.) encourage lenders to provide 

17 loans to creditworthy small businesses that would 

18 not otherwise obtain financing on reasonable terms 

19 and conditions and can serve as an excellent mecha20 nism by which to increase the availability of afford21 able credit to small manufacturers in the United 

22 States. 


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1 SEC. 3. SMALL MANUFACTURERS. 

2 (a) LOAN GUARANTEE PERCENTAGE.—Section 

3 7(a)(2) of the Small Business Act (15 U.S.C. 636(a)(2)) 

4 is amended— 

5 (1) in subparagraph (A), in the matter pre6 ceding clause (i), by striking ‘‘and (E)’’ and insert7 ing ‘‘(E), and (F)’’; and 

8 (2) by adding at the end the following: 

9 ‘‘(F) PARTICIPATION FOR MANUFACTUR10 ERS.— 

11 ‘‘(i) IN GENERAL.—In an agreement 

12 to participate in a loan on a deferred basis 

13 under this subsection for a small business 

14 concern assigned to a North American In15 dustry Classification System code for man16 ufacturing or that is designated by the Ad17 ministrator under clause (ii), the participa18 tion by the Administration shall be 90 per19 cent. 

20 ‘‘(ii) ADDITION OF ADVANCED MANU21 FACTURING SECTORS.—After submitting 

22 notice to the Committee on Small Business 

23 and Entrepreneurship of the Senate and 

24 the Committee on Small Business of the 

25 House of Representatives, the Adminis26 trator may designate a North American 


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1 Industry Classification System code for 

2 purposes of clause (i) if the Administrator 

3 determines the code— 

4 ‘‘(I) is not a manufacturing code 

5 under the North American Industry 

6 Classification System; and 

7 ‘‘(II) corresponds to a sector in 

8 which manufacturing is a considerable 

9 component of the operations of a 

10 small business concern, as determined 

11 by the Administrator, including ad12 vanced manufacturing.’’. 

13 (b) GUARANTEE FEE REDUCTION.—Section 7(a)(18) 

14 of the Small Business Act (15 U.S.C. 636(a)(18)) is 

15 amended— 

16 (1) in subparagraph (A), by striking ‘‘With re17 spect’’ and inserting ‘‘Except as provided in sub18 paragraph (C), with respect’’; and 

19 (2) by adding at the end the following: 

20 ‘‘(C) MANUFACTURERS.— 

21 ‘‘(i) IN GENERAL.—Subject to clause 

22 (ii), with respect to a loan guaranteed 

23 under this subsection for a small business 

24 concern described in paragraph (2)(F)(i)— 


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1 ‘‘(I) the Administration may not 

2 collect a guarantee fee under this 

3 paragraph for a loan of not more than 

4 $350,000; and 

5 ‘‘(II) for a loan of more than 

6 $350,000, the Administration shall 

7 collect a guarantee fee under this 

8 paragraph equal to 50 percent of the 

9 guarantee fee that the Administration 

10 would otherwise collect for the loan. 

11 ‘‘(ii) EXCEPTION.—The requirements 

12 of clause (i) shall not apply to loans made 

13 during a fiscal year if— 

14 ‘‘(I) the budget of the President 

15 for that fiscal year, submitted to Con16 gress under section 1105(a) of title 

17 31, United States Code, includes a 

18 cost for the program established 

19 under this subsection that is above 

20 zero; and 

21 ‘‘(II) the Administrator submits 

22 to Congress— 

23 ‘‘(aa) notice regarding the 

24 determination of cost described 

25 in subclause (I); and 


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1 ‘‘(bb) a detailed discussion 

2 indicating why not implementing 

3 clause (i) will cause the cost of 

4 the program established under 

5 this subsection to be not more 

6 than zero.’’. 

7 (c) CERTIFIED DEVELOPMENT COMPANY LOANS.— 

8 (1) MANUFACTURING LOAN AMOUNT.—Section 

9 502(2)(A)(iii) of the Small Business Investment Act 

10 of 1958 (15 U.S.C. 696(2)(A)(iii)) is amended by 

11 striking ‘‘$5,500,000’’ and inserting ‘‘10,000,000’’. 

12 (2) CONTRIBUTION REQUIREMENT.—Section 

13 502(3)(C) of the Small Business Investment Act of 

14 1958 (15 U.S.C. 696(3)(C)) is amended— 

15 (A) in clause (iii), by striking ‘‘or’’ at the 

16 end; 

17 (B) by redesignating clause (iv) as clause 

18 (v); and 

19 (C) by inserting after clause (iii) the fol20 lowing: 

21 ‘‘(iv) for a small manufacturer (as de22 fined in section 501(e)(7))— 

23 ‘‘(I) at least 5 percent of the 

24 total cost of the project financed, if 

25 the small business concern has been in 


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1 operation for a period of 2 years or 

2 less; 

3 ‘‘(II) at least 5 percent of the 

4 total cost of the project financed, if 

5 the project involves a limited or single 

6 purpose building or structure; 

7 ‘‘(III) at least 10 percent of the 

8 total cost of the project financed if the 

9 project involves both of the conditions 

10 set forth in subclauses (I) and (II); or 

11 ‘‘(IV) at least 5 percent of the 

12 total cost of the project financed, in 

13 all other circumstances, at the discre14 tion of the development company; or’’. 

15 (3) CREATION OR RETENTION OF JOBS RE16 QUIREMENT.—Section 501(e) of the Small Business 

17 Investment Act of 1958 (15 U.S.C. 695(e)) is 

18 amended— 

19 (A) in paragraph (1), by striking ‘‘creates 

20 or retains’’ and all that follows and inserting 

21 ‘‘creates or retains 1 job for every $75,000 

22 guaranteed by the Administration, except that 

23 the amount is $150,000 in the case of a project 

24 of a small manufacturer.’’; 


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1 (B) in paragraph (2), by striking ‘‘creates 

2 or retains’’ and all that follows and inserting 

3 ‘‘creates or retains 1 job for every $75,000 

4 guaranteed by the Administration, except that 

5 the amount is $150,000 in the case of a project 

6 of a small manufacturer.’’; 

7 (C) by redesignating paragraph (6) as 

8 paragraph (7); and 

9 (D) by inserting after paragraph (5) the 

10 following: 

11 ‘‘(6) For a loan for a project directed toward the cre12 ation of job opportunities under subsection (d)(1), the Ad13 ministrator shall publish on the website of the Administra14 tion the number of jobs created or retained under the 

15 project as of the date that is 2 years after the completion 

16 (as determined based on information provided by the de17 velopment company) of the project.’’. 

18 (4) BUILDING OCCUPANCY.—Section 502(5) of 

19 the Small Business Investment Act of 1958 (15 

20 U.S.C. 696(5)), is amended— 

21 (A) by striking ‘‘In addition’’ and inserting 

22 the following: 

23 ‘‘(A) IN GENERAL.—Except as provided in 

24 subparagraph (B), in addition’’; and 

25 (B) by adding at the end the following: 


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1 ‘‘(B) EXCEPTION.—With respect to an as2 sisted small business that is a small manufac3 turer (as defined in section 501(e)(7)), the 

4 small manufacturer may lease not more than 49 

5 percent of the project to 1 or more other ten6 ants, if the small manufacturer occupies perma7 nently and uses not less than a total of 51 per8 cent of the space in the project after the execu9 tion of any leases authorized under this section, 

10 without regard to whether the project is with 

11 respect to an existing building or new construc12 tion.’’. 

13 (5) COLLATERAL REQUIREMENTS.—Section 

14 502(3)(E)(i) of the Small Business Investment Act 

15 of 1958 (15 U.S.C. 696(3)(E)(i)), is amended by 

16 adding at the end the following: ‘‘Additional collat17 eral shall not be required in the case of a small man18 ufacturer (as defined in section 501(e)(7)).’’. 

19 (6) DEBT REFINANCING.—Section 502(7)(B) of 

20 the Small Business Investment Act of 1958 (15 

21 U.S.C. 696(7)(B)) is amended in the matter pre22 ceding clause (i) by inserting ‘‘(or in the case of a 

23 small manufacturer (as defined in section 501(e)(7)) 

24 that does not exceed 100 percent of the project cost 

25 of the expansion)’’ after ‘‘cost of the expansion’’. 


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1 (7) AMOUNT OF GUARANTEED DEBENTURE.— 

2 Section 503(a) of the Small Business Investment 

3 Act of 1958 (15 U.S.C. 697(a)) is amended by add4 ing at the end the following: 

5 ‘‘(5) Any debenture issued by a State or local devel6 opment company to a small manufacturer (as defined in 

7 section 501(e)(7)) with respect to which a guarantee is 

8 made under this subsection shall be in an amount equal 

9 to not more than 50 percent of the cost of the project 

10 with respect to which such debenture is issued, without 

11 regard to whether good cause has been shown.’’. 

12 (d) MANUFACTURING DEBENTURES.— 

13 (1) IN GENERAL.—Section 303 of the Small 

14 Business Investment Act of 1958 (15 U.S.C. 683) is 

15 amended by adding at the end the following: 

16 ‘‘(l) MANUFACTURING DEBENTURES.—In addition to 

17 any other authority under this Act, on and after the first 

18 day of the first fiscal year beginning after the date of en19 actment of this subsection, a small business investment 

20 company may issue manufacturing debentures.’’. 

21 (2) DEFINITIONS.—Section 103 of the Small 

22 Business Investment Act of 1958 (15 U.S.C. 662) is 

23 amended— 

24 (A) in paragraph (19), by striking ‘‘and’’ 

25 at the end; 


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1 (B) in paragraph (20), by striking the pe2 riod at the end and inserting a semicolon; and 

3 (C) by adding at the end the following: 

4 ‘‘(21) the term ‘manufacturing debenture’ 

5 means a deferred interest debenture that— 

6 ‘‘(A) is issued at a discount; 

7 ‘‘(B) has a 5-year maturity or a 10-year 

8 maturity; 

9 ‘‘(C) requires no interest payment or an10 nual charge for the first 5 years; 

11 ‘‘(D) is restricted to companies assigned to 

12 a North American Industry Classification Sys13 tem code for manufacturing; and 

14 ‘‘(E) is issued at no cost (as defined in 

15 section 502 of the Credit Reform Act of 1990 

16 (2 U.S.C. 661a)) with respect to purchasing 

17 and guaranteeing the debenture.’’. 

18 (3) STARTUP SMALL MANUFACTURERS.—Sec19 tion 502(3)(C)(i) of the Small Business Investment 

20 Act of 1958 (15 U.S.C. 696(3)(C)(i)) is amended by 

21 inserting ‘‘is not a small manufacturer (as defined in 

22 section 501(e)(7)) and’’ after ‘‘small business con23 cern’’. 

24 (e) ADDITIONAL LEVERAGE FOR MANUFACTUR25 ERS.—Section 303(b)(2) of the Small Business InvestVerDate Sep 11 2014 02:34 Jul 19, 2019 Jkt 089200 PO 00000 Frm 00012 Fmt 6652 Sfmt 6201 E:\BILLS\S2131.IS S2131

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1 ment Act of 1958 (15 U.S.C. 683(b)(2)) is amended by 

2 adding at the end the following: 

3 ‘‘(E) ADDITIONAL LEVERAGE BASE ON IN4 VESTMENT IN MANUFACTURERS.— 

5 ‘‘(i) DEFINITION.—In this subpara6 graph, the term ‘covered small manufac7 turer’ means a small manufacturer (as de8 fined in section 501(e)(7)) that— 

9 ‘‘(I) is located in a low or mod10 erate income geographic area; 

11 ‘‘(II) is not less than 51 percent 

12 owned by 1 or more veterans (as de13 fined in section 101 of title 38, 

14 United States Code); 

15 ‘‘(III) is not less than 51 percent 

16 owned by 1 or more socially disadvan17 taged individuals or economically dis18 advantaged individuals (within the 

19 meaning given such terms under sec20 tion 8(a) of the Small Business Act 

21 (15 U.S.C. 637(a))); 

22 ‘‘(IV) is not less than 51 percent 

23 owned by 1 or more women; 

24 ‘‘(V) is located in an area with 

25 above average unemployment; 


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1 ‘‘(VI) is a smaller business con2 cern described in subparagraph (A) of 

3 section 103(12); 

4 ‘‘(VII) is located in a rural area; 

5 ‘‘(VIII) has increased its full 

6 time employment by not less than 25 

7 percent (not including any new em8 ployees added by an acquisition) since 

9 the small manufacturer receiving an 

10 initial financing under this title; or 

11 ‘‘(IX) is engaged in researching, 

12 developing, or manufacturing tech13 nologies important to national secu14 rity. 

15 ‘‘(ii) EXCLUSION OF AMOUNTS.—In 

16 calculating the outstanding leverage of a 

17 company for purposes of subparagraphs 

18 (A) and (B), the Administrator shall ex19 clude the amount of leverage outstanding 

20 to covered small manufacturers, not to ex21 ceed a total of $50,000,000.’’. 

22 SEC. 4. ASSISTANCE FOR SMALL MANUFACTURERS. 

23 (a) ASSISTANCE THROUGH SBA PROGRAMS.— 


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1 (1) AMENDMENTS TO THE SMALL BUSINESS

2 ACT.—The Small Business Act (15 U.S.C. 631 et 

3 seq.) is amended— 

4 (A) in section 7(a) (15 U.S.C. 636(a)), by 

5 adding at the end the following: 

6 ‘‘(36) ASSISTANCE FOR SMALL MANUFACTUR7 ERS.—The Administrator shall ensure that each dis8 trict office of the Administration partners with not 

9 less than 1 resource partner of the Administration, 

10 including a small business development center, a 

11 women’s business center described in section 29, the 

12 Service Corps of Retired Executives, and a Veteran 

13 Business Outreach Center, to provide training to 

14 small business concerns described in paragraph 

15 (2)(F)(i) in obtaining assistance under the programs 

16 under this subsection and title V of the Small Busi17 ness Investment Act of 1958 (15 U.S.C. 695 et 

18 seq.), including with respect to the application proc19 ess under such programs and partnering with par20 ticipating lenders under this subsection.’’; 

21 (B) in section 8 (15 U.S.C. 637), by strik22 ing subsection (c) and inserting the following: 

23 ‘‘(c) ASSISTANCE FOR SMALL MANUFACTURERS IN

24 SCORE AND SMALL BUSINESS DEVELOPMENT CENTER

25 PROGRAMS.— 


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1 ‘‘(1) DEFINITION.—In this subsection, the term 

2 ‘SCORE program’ means the Service Corps of Re3 tired Executives authorized under subsection 

4 (b)(1)(B). 

5 ‘‘(2) VOLUNTEERS.—Under the SCORE pro6 gram, the Administrator may recruit volunteers to 

7 assist small business concerns described in section 

8 7(a)(2)(F)(i) in obtaining assistance under section 

9 7(a) and title V of the Small Business Investment 

10 Act of 1958 (15 U.S.C. 695 et seq.), including with 

11 respect to the application process under such pro12 grams and partnering with participating lenders 

13 under such section 7(a).’’; 

14 (C) in section 21(c)(3) (15 U.S.C. 

15 648(c)(3))— 

16 (i) in subparagraph (T), by striking 

17 ‘‘and’’ at the end; 

18 (ii) in the first subparagraph des19 ignated as subparagraph (U), as added by 

20 section 862 of division A of the John S. 

21 McCain National Defense Authorization 

22 Act for Fiscal Year 2019 (Public Law 

23 115–232), by striking the period at the 

24 end and inserting a semicolon; 


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1 (iii) by redesignating the second sub2 paragraph designated as subparagraph 

3 (U), as added by section 5 of the Small 

4 Business Innovation Protection Act of 

5 2017 (Public Law 115–259; 132 Stat. 

6 3665), as subparagraph (V); 

7 (iv) in subparagraph (V), as so redes8 ignated, by striking the period at the end 

9 and inserting ‘‘; and’’; and 

10 (v) by adding at the end the following: 

11 ‘‘(W) providing training to small business 

12 concerns described in section 7(a)(2)(F)(i) in 

13 obtaining assistance under section 7(a) and title 

14 V of the Small Business Investment Act of 

15 1958 (15 U.S.C. 695 et seq.), including with re16 spect to the application process under such pro17 grams and partnering with participating lenders 

18 under such section 7(a).’’; 

19 (D) in section 29(b) (15 U.S.C. 656(b))— 

20 (i) in paragraph (2), by striking 

21 ‘‘and’’ at the end; 

22 (ii) in paragraph (3), by striking the 

23 period at the end and inserting ‘‘; and’’; 

24 and 


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1 (iii) by adding at the end the fol2 lowing: 

3 ‘‘(4) training to small business concerns owned 

4 and controlled by women that are small business 

5 concerns described in section 7(a)(2)(F)(i) in obtain6 ing assistance under section 7(a) and title V of the 

7 Small Business Investment Act of 1958 (15 U.S.C. 

8 695 et seq.), including with respect to the applica9 tion process under such programs and partnering 

10 with participating lenders under such section 7(a).’’; 

11 and 

12 (E) in section 32 (15 U.S.C. 657b), by 

13 adding at the end the following: 

14 ‘‘(h) ASSISTANCE FOR SMALL MANUFACTURERS.— 

15 The Associate Administrator shall ensure that Veterans 

16 Business Outreach Centers assist small business concerns 

17 described in section 7(a)(2)(F)(i) in obtaining assistance 

18 under section 7(a) and title V of the Small Business In19 vestment Act of 1958 (15 U.S.C. 695 et seq.), including 

20 with respect to the application process under such pro21 grams and partnering with participating lenders under 

22 such section 7(a).’’. 

23 (2) AMENDMENTS TO THE SMALL BUSINESS IN24 VESTMENT ACT OF 1958.—Title V of the Small BusiVerDate Sep 11 2014 02:34 Jul 19, 2019 Jkt 089200 PO 00000 Frm 00018 Fmt 6652 Sfmt 6201 E:\BILLS\S2131.IS S2131

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1 ness Investment Act of 1958 (15 U.S.C. 695 et seq.) 

2 is amended by adding at the end the following: 

3 ‘‘SEC. 511. ASSISTANCE FOR SMALL MANUFACTURERS. 

4 ‘‘The Administrator shall ensure that each district of5 fice of the Administration partners with not less than 1 

6 resource partner of the Administration, including a small 

7 business development center described in section 21 of the 

8 Small Business Act (15 U.S.C. 648), a women’s business 

9 center described in section 29 of the Small Business Act 

10 (15 U.S.C. 656), the Service Corps of Retired Executives, 

11 and a Veteran Business Outreach Center, to provide train12 ing to small business concerns described in section 

13 7(a)(2)(F)(i) of the Small Business Act (15 U.S.C. 

14 636(a)(2)(F)(i)) in obtaining assistance under the pro15 gram carried out under this title, including with respect 

16 to the application process under that program and 

17 partnering with development companies under this title.’’. 

18 (b) PARTNERING WITH NIST.—The Small Business 

19 Administration and its resource partners may establish 

20 partnerships with the Hollings Manufacturing Extension 

21 Partnership Program of the National Institute of Stand22 ards and Technology and its affiliated centers to facilitate 

23 outreach to small manufacturers in providing training and 

24 guidance with respect to the application process for loans 

25 guaranteed by the Administration. 


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1 SEC. 5. FEDERAL LOAN GUARANTEES FOR INNOVATIVE 

2 TECHNOLOGIES IN MANUFACTURING. 

3 (a) TRANSFER OF EXISTING PROGRAM.—The Ste4 venson-Wydler Technology Innovation Act of 1980 (15 

5 U.S.C. 3701 et seq.) is amended— 

6 (1) by striking section 26 (15 U.S.C. 3721); 

7 and 

8 (2) by redesignating sections 27 and 28 (15 

9 U.S.C. 3722 and 3723) as sections 26 and 27, re10 spectively. 

11 (b) AUTHORITY OF SBA.— 

12 (1) DEFINITIONS.—In this subsection— 

13 (A) the term ‘‘Administrator’’ means the 

14 Administrator of the Small Business Adminis15 tration; 

16 (B) the term ‘‘business loan programs of 

17 the Administration’’ means the programs under 

18 section 7(a) of the Small Business Act (15 

19 U.S.C. 636(a)) and title V of the Small Busi20 ness Investment Act of 1958 (15 U.S.C. 695 et 

21 seq.); and 

22 (C) the term ‘‘small manufacturer’’ means 

23 a business concern described in section 

24 7(a)(2)(F)(i) of the Small Business Act, as 

25 amended by this Act. 


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1 (2) AUTHORIZATION.—To the extent the Ad2 ministrator determines that the assistance available 

3 to small manufacturers under section 26 of the Ste4 venson-Wydler Technology Innovation Act of 1980 

5 (15 U.S.C. 3721), as in effect on the day before the 

6 date of enactment of this Act, is not available under 

7 the business loan programs of the Administration, 

8 the Administrator shall ensure that the business 

9 loan programs of the Administration provide ade10 quate support for innovative technologies in manu11 facturing. 

12 (3) REPORTING.—The Administrator shall sub13 mit to the Committee on Small Business and Entre14 preneurship of the Senate and the Committee on 

15 Small Business of the House of Representatives a 

16 report regarding any determination or activity of the 

17 Administrator under paragraph (2). 

18 (c) SAVINGS CLAUSE.—Any loan guarantee issued 

19 under section 26 of the Stevenson-Wydler Technology In20 novation Act of 1980 (15 U.S.C. 3721), as in effect on 

21 the day before the date of enactment of this Act, shall 

22 remain in full force and effect under the terms, and for 

23 the duration, of the loan guarantee agreement. 

Æ 


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