I 
118TH CONGRESS 
1ST SESSION 
H. R. 414 
To amend the Small Business Act to establish a rural manufacturing 
forgivable loan program, and for other purposes. 
IN THE HOUSE OF REPRESENTATIVES 
JANUARY 20, 2023 
Mr. FINSTAD (for himself, Ms. CRAIG, Mr. AMODEI, Mr. JOHNSON of Ohio, 
and Mr. CARTER of Georgia) introduced the following bill; which was re-
ferred to the Committee on Small Business, and in addition to the Com-
mittee on Appropriations, for a period to be subsequently determined by 
the Speaker, in each case for consideration of such provisions as fall with-
in the jurisdiction of the committee concerned 
A BILL 
To amend the Small Business Act to establish a rural manu-
facturing forgivable loan program, and for other pur-
poses. 
Be it enacted by the Senate and House of Representa-
tives of the United States of America in Congress assembled, 
SECTION 1. SHORT TITLE. 
This Act may be cited as the ‘‘Investing in Rural 
Manufacturing Act’’. 
SEC. 2. RURAL MANUFACTURING LOANS. 
(a) IN GENERAL.—Section 7(a) of the Small Busi-
ness Act (15 U.S.C. 636(a)) is amended— 
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(1) in paragraph (2)— 
(A) in subparagraph (A), by striking ‘‘and 
(F)’’ and inserting ‘‘(F), and (G)’’; and 
(B) by adding at the end the following new 
subparagraph: 
‘‘(G) PARTICIPATION IN RURAL MANUFAC-
TURING LOANS.—In an agreement to partici-
pate in a loan on a deferred basis under para-
graph (38), the participation by the Adminis-
tration shall be 100 percent.’’; and 
(2) by adding at the end the following new 
paragraph: 
‘‘(38) RURAL MANUFACTURING LOANS.— 
‘‘(A) IN
GENERAL.—The Administrator 
may guarantee a loan made under this para-
graph to a covered applicant for the purpose of 
paying any eligible costs associated with the de-
velopment of a business concern that manufac-
tures goods essential to critical infrastructure 
sectors in rural areas. 
‘‘(B) APPLICATION.—A covered applicant 
shall submit an application for a loan under 
this paragraph which shall include a com-
prehensive business plan that includes a goal 
for the resulting number of jobs to be created 
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at the site that will be developed or expanded 
with the proceeds of such loan. 
‘‘(C) LOAN FORGIVENESS.—A covered ap-
plicant shall be eligible for forgiveness of any 
indebtedness on a loan made under this para-
graph as follows: 
‘‘(i) If the covered applicant has met 
75 percent or more of the job creation 
goals of the comprehensive business plan 
described in subparagraph (B) not later 
than 5 years after the date of origination 
of the loan. 
‘‘(ii) If the Administrator makes a de-
termination that the covered applicant only 
used loan proceeds for eligible costs, the 
covered applicant shall receive loan forgive-
ness in an amount— 
‘‘(I) less than or equal to an 
amount that is 50 percent of the total 
financing amount specified by the cov-
ered applicant; and 
‘‘(II) less than or equal to max-
imum amount allowable under para-
graph (3)(A). 
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‘‘(D) IDENTIFICATION
OF
ADDITIONAL 
CRITICAL INFRASTRUCTURE SECTORS.— 
‘‘(i) STUDY.—Not later than 180 days 
after the date of enactment of this para-
graph, the Administrator shall complete a 
study to identify any additional sectors to 
be included in the definition of the term 
‘critical infrastructure sector’ under this 
paragraph. 
‘‘(ii) PROVISION OF LOANS PRIOR TO 
COMPLETION
OF
STUDY.—The Adminis-
trator may guarantee a loan made under 
this paragraph before the completion of the 
study required under clause (i). 
‘‘(iii) ADDITIONAL
CRITICAL
INFRA-
STRUCTURE SECTORS.—The Administrator 
may, at any time, take such actions as are 
necessary to identify additional sectors to 
be included in the definition of the term 
‘critical infrastructure sector’ under this 
paragraph. 
‘‘(E) DEFINITIONS.—In this paragraph: 
‘‘(i) COVERED APPLICANT.—The term 
‘covered applicant’ means a business 
that— 
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‘‘(I) has a site located in rural 
area industrial park, manufactures 
goods that are essential to critical in-
frastructure sectors at such site, and 
intends to expand such site for pur-
poses of employing a larger workforce 
at such site; or 
‘‘(II) is developing a site located 
in a rural area industrial park to 
manufacture goods that are essential 
to critical infrastructure sectors at 
such site. 
‘‘(ii) CRITICAL INFRASTRUCTURE SEC-
TOR.—The term ‘critical infrastructure 
sector’ means— 
‘‘(I) each of the 16 critical infra-
structure sectors designated in Presi-
dential Policy Directive 21, titled 
‘Critical Infrastructure Security and 
Resilience’ and published on February 
12, 2013; 
‘‘(II) any additional sectors iden-
tified pursuant to section 9002 of the 
National Defense Authorization Act 
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for Fiscal Year 2021 (6 U.S.C. 652a); 
and 
‘‘(III) 
any 
additional 
sectors 
identified by the Administrator pursu-
ant to subparagraph (D). 
‘‘(iii) ELIGIBLE COSTS.—The term ‘el-
igible costs’ means— 
‘‘(I) payroll, construction, permit-
ting, and other capital costs associ-
ated with— 
‘‘(aa) the development of a 
site located in a rural area indus-
trial park for a business that 
manufactures goods that are es-
sential to critical infrastructure 
sectors at such site; and 
‘‘(bb) the expansion of such 
a site for purposes of employing 
a larger workforce at such site; 
and 
‘‘(II) any other costs the Admin-
istrator determines to be appro-
priate.’’. 
(b) AUTHORIZATION OF APPROPRIATIONS.—There is 
authorized to be appropriated to the Administrator of the 
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