H.R. 10375
Eases rules for small business building loans
Changes the government-backed 504 loan program for small businesses, letting lenders handle more closing paperwork, changing how much space owners may rent out, and adding training and disaster recovery goals.
- Accredited lenders could shift up to 10 percent of a project's cost and fix typos to speed loan closings
- Small manufacturers would have to occupy at least 50 percent of a new building, down from 60 percent
- A business could permanently rent out no more than 20 percent of a newly built facility to other tenants
- Adds job training through work-based programs and recovery of disaster areas as goals of the program
In committee