Ranking members 504 modernization bill advances with workforce and mixed-use reforms
HR10375, led by the ranking member, would modernize the SBA 504 program with workforce-development benchmarks, priority for very small firms, authority to facilitate loan closing by CDCs, a new public policy goal for disaster-area revitalization, and expanded leasing rules for mixed-use buildings (raising the leasable threshold to 66%).
The full story
Ranking Member Velasquez presented HR10375 as a bipartisan, negotiated package to modernize the 504 CDC program and support small manufacturers. Key changes include adding workforce-development benchmarks to CDC goals, prioritizing firms with 10 or fewer employees, enabling CDCs to facilitate some loan-closing steps to reduce bottlenecks while preserving SBA final approval, and increasing the percentage of a mixed-use building that a small business may lease from 49% to 66% to support urban revitalization.
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