Ranking members 504 modernization bill advances with workforce and mixed-use reforms
Summary
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%).
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.
Supporters said the bill will help small manufacturers access long-term, fixed-rate financing for major investments and allow the 504 program to better support community development and post-disaster recovery. The committee adopted the amendment in the nature of a substitute and ordered HR10375 reported favorably to the House; recorded roll-call votes were requested and postponed.
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