[{"_1":2,"_87":-5,"_88":-5},"loaderData",{"_3":4,"_26":27},"root",{"_5":6,"_17":10,"_18":19,"_20":21,"_22":10,"_23":-5,"_24":-5,"_25":10},"user",{"_7":8,"_9":10,"_11":10,"_12":-5,"_13":-5,"_14":15,"_16":-5},"roles",[],"isAuthenticated",false,"isPremium","planName","subscriptionStatus","featureFlags",{},"insightsBudget","isDevelopmentHost","userPreferences",{},"recaptchaSiteKey","6LcvOJcUAAAAAHsB-gPGfGktcRlKpH7OTIU_dMTD","isImpersonating","impersonation","affiliateStatus","isFreedomPortal","routes/v2/article/layout",{"_28":29,"_30":31},"notFound",true,"relatedArticles",[32,75],{"_33":34,"_35":36,"_37":38,"_39":40,"_41":42,"_43":44,"_45":46,"_47":48,"_49":50,"_51":52,"_53":54,"_55":56,"_57":58,"_59":60,"_61":62,"_63":64,"_65":66,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},"mediaId",6055632,"mediaKeyId","3317456-68feb18e72e3b14da3e05aa6a05def82","parentId",3317456,"title","Investors and lawmakers press to expand SBIC/RBIC and SBA loan limits to finance U.S. factories","audioSeconds",1209,"startMs",2012000,"endMs",3221000,"viewUrl","/Search/View?dp=1&key=3317456-68feb18e72e3b14da3e05aa6a05def82&start=2012&end=3221","thumbnailUrl","https://assets.pipeline.soar.com/3317456-68feb18e72e3b14da3e05aa6a05def82/thumbnail_2012000.jpg","articleUrl","/articles/6055632/Investors-and-lawmakers-press-to-expand-SBICRBIC-and-SBA-loan-limits-to-finance-US-factories","mediaUrl","https://secure.pipeline.soar.com/6055632-44aff6ca9d923641fd0604cf9d726a00/orig.mp4?Expires=1775095994&Signature=d7pvLMnAlA~ruVz1T-l4IiQvfQIMXZp1fn~9pFihfzrYNz-F1z1POnz8Ika9PZcGTYqXrVAVNDo3n451N~eoOHSWRCzCoqv~5JJyVqEpeH0obl6r~PB8Cfv2mO1AmNf00EIMPoOKlVb~DZ3V~s49QoE527W8-j-UMtHDwhBqkv0np1OAjE6zfC-xTDrajaM41HSUIDx~g7K8oBOEM6crA4umrm2XwQLE3Ss9UDlUaIz8BS38FEk7naD06PN09AbucrO-CrfHmXVl2YEncKYTm9a9Mm68xTKVCyQR0sVseLCJ68zsx2ZCjZbtWbVcL7rZaqGPdBDmVlaQsbBtHboshw__&Key-Pair-Id=KUT5TJCACFTXG","author","U.S. Senate Committee on Small Business & Entrepreneurship","date","2025-05-14T00:00:00Z","article","Witnesses at the Senate Committee on Small Business and Entrepreneurship hearing described how public–private financing tools have helped small manufacturers and urged Congress to expand those programs.

John Michaelson, co‑founder and managing partner of Midwest Growth Partners in Des Moines, said SBIC and RBIC vehicles channel patient capital into overlooked rural companies and cited concrete outcomes. \"Starting with 7 employees after our first investment in 2014, today Midwest Growth Partners companies employ more than 3,000,\" Michaelson said.

Michaelson told senators there are \"318 SBICs with over $46,000,000,000 in committed capital\" and that about 20 percent of SBIC dollars currently flow to small manufacturers. He described Rural Business Investment Companies (RBICs) as a complementary tool and said RBICs have more than $1,700,000,000 in committed capital.

Ben Geiss, managing director at Eagle Private Capital and chair of the Small Business Investor Alliance, described SBIC investments that scaled companies and created jobs. \"Across 91 realized investments our portfolio companies have added over 6,000 jobs and increased revenues by nearly $3,000,000,000,\" Geiss said, citing firm results.

Chair Joni Ernst and witnesses promoted specific legislative options. Ernst described the Made in America Manufacturing Finance Act, which she said would double certain SBA‑backed loan limits from $5,000,000 to $10,000,000 for small manufacturers, and witnesses urged passage of the Investing in All of America Act to provide additional SBIC leverage targeted to rural, low‑income and manufacturing businesses.

Why it matters: Witnesses said that access to longer‑term patient capital, alongside targeted program changes, can make it viable for small firms to open or expand factories in the U.S., supporting jobs in communities that lack other financing conduits.

Examples and scale: Michaelson cited portfolio company Ag Certain in Boone, Iowa, which grew from 22 to 42 employees and invested more than $32,000,000 in facility upgrades after Midwest Growth Partners' investment. He also cited Shells by Design in Garner, Iowa, which grew from 40 to 67 employees and invested in automation.

Riley described Guardian Bikes' experience: after initial SBA 7(a) funding, patient private capital allowed the company to open a factory in Seymour, Indiana, now employing about 250 people and producing roughly 2,000 bicycles per day.

Program details discussed: Witnesses advocated for bonus leverage for SBICs that invest in manufacturing or underserved geographies, indexed adjustments to leverage caps to account for inflation, RBIC enhancements to provide leverage similar to SBICs, and targeted SBIC licensing for critical technologies tied to national security.

No formal committee action occurred; senators asked staff to pursue legislative options and left the record open for additional material. Witnesses and senators said incremental changes to financing programs could be implemented without new appropriations if existing statutory authorities are used to adjust leverage and eligibility rules.

Outlook: Committee members signaled bipartisan interest in expanding capital tools for small manufacturers, and witnesses asked for expedited legislative action to convert policy proposals into deployable capital.","mediaType","Video","parentTitle","Financing America’s Manufacturing and Industrial Boom","oneSentenceSummary","Investors and small-business founders told the Senate committee that expanding Small Business Investment Company and Rural Business Investment Company leverage, and raising SBA loan limits for manufacturers, would unlock capital for reshoring and growing small manufacturers in rural and low‑income areas.","taxTitle","Small Business and Entrepreneurship: Senate Committee, Standing Committees - House & Senate, Congressional Hearings Compilation, Legislative, Federal","taxId",1999,"location","","headline","shortSummary",{"_33":76,"_35":36,"_37":38,"_39":77,"_41":78,"_43":79,"_45":80,"_47":81,"_49":82,"_51":83,"_53":84,"_55":56,"_57":58,"_59":85,"_61":62,"_63":64,"_65":86,"_67":68,"_69":70,"_71":72,"_73":72,"_74":72},6055636,"Small manufacturers tell Senate tariffs are pushing some firms toward collapse; lawmakers push for exemptions",4295,1461000,5756000,"/Search/View?dp=1&key=3317456-68feb18e72e3b14da3e05aa6a05def82&start=1461&end=5756","https://assets.pipeline.soar.com/3317456-68feb18e72e3b14da3e05aa6a05def82/thumbnail_1461000.jpg","/articles/6055636/Small-manufacturers-tell-Senate-tariffs-are-pushing-some-firms-toward-collapse-lawmakers-push-for-exemptions","https://secure.pipeline.soar.com/6055636-1f4af538143fd51f6b112893d259a02a/orig.mp4?Expires=1775095994&Signature=QIkGMS5MNlaOmgHakwsP9iL5GEZ1Ks0w~onE6IPkqbj6xAiF51zRCfjMOFUSbV9WxjGZ5wiM3ctjCZvBIgSHyHLO-Yo4gMv47dyBbStovNWN6Yy85WRM47iCBNnLywv7NXk2CfPoFYJ~J11nGpS-oab3LiBsvPWU0d4EAho-cOwX0etNkBD~iC6GGbtU5vo2auvx9CVtGIwj2NQPnMEBqtjfUUTvRIeHwOztS77u5iylQKfMnol88t66I0fKZkrXtG~xfc0MxSwlEn6qeXhnlb4330UEovbTWfdcESOxsUItNvi2Rsuj-LvjXb3Tex8gHmx4EM2FPr3XPAlhPNMOvg__&Key-Pair-Id=KUT5TJCACFTXG","Chair Joni Ernst, chair of the Senate Committee on Small Business and Entrepreneurship, opened a hearing on small manufacturers' access to capital and trade policy, and witnesses told the committee the current tariff regime is an immediate threat to many small firms.

\"Without immediate relief from the tariffs and ensuing trade war, U.S. manufacturing companies like mine will not survive this summer,\" said Julie Robbins, chief executive officer of EarthQuaker Devices, a guitar effects pedal manufacturer based in Akron, Ohio.

The warning came during a panel of investors and small-business founders who described rising input costs, plunging orders and growing uncertainty for firms that operate on thin margins. Ranking Member Edward J. Markey, D-Mass., said recent data show acute disruptions at U.S. ports and in supply chains and urged Congress to act quickly.

\"The Trump tariffs are not a recipe for a manufacturing boom. They are a recipe for manufacturing doom,\" Markey said, and he said he has introduced the Small Business Liberation Act to exempt small businesses from the tariffs. \"Just exempt them,\" he added.

Why it matters: Committee members and witnesses said small manufacturers cannot easily absorb tariff-driven cost hikes or the day-to-day policy changes that complicate planning, hiring and exports. Robbins told senators her company’s year-to-date sales were down 15 percent and April sales were down 33 percent; she said exports have fallen as much as 50 to 100 percent in recent months.

Testimony from other panelists echoed the theme that small firms face special risk. Brian Riley, founder and chief executive officer of Guardian Bikes, said his industry’s supply chain is dominated by China and that earlier tariffs and COVID disruptions were factors in his decision to open a U.S. factory in Seymour, Indiana. He said recent tariff uncertainty, however, still harms small manufacturers.

Senators pressed witnesses on immediate and programmatic remedies. Markey and other senators asked for an exemption for small firms; several senators, including Jeanne Shaheen and Joni Ernst, asked about federal programs that can help businesses navigate exports and access capital.

What witnesses asked for: Witnesses testified that immediate relief should include tariff exemptions or rescission for small manufacturers and clearer, predictable trade policy. Robbins and others also requested continued and expanded technical assistance programs that support exporters, such as STEP (State Trade Expansion Program) and local Small Business Development Centers.

What Congress is considering: Markey said he introduced the Small Business Liberation Act to exempt small businesses from recent tariffs. Chair Ernst described the Made in America Manufacturing Finance Act, which she said would double certain SBA loan limits for small manufacturers to increase access to capital. Other committee members flagged longer-term legislative fixes, including revisions to SBIC/RBIC programs to boost investment in small firms.

The hearing did not produce a formal committee vote or an immediate change in law. Senators left the record open for two weeks to submit additional materials.

Robbins closed by saying the combination of rapid tariff changes and lack of small-business exemptions has created \"complete uncertainty\" for small U.S. manufacturers and called for immediate action to prevent permanent business closures.

Looking ahead: Committee members said they will continue to weigh short-term tariff relief against longer-term financing and workforce measures designed to rebuild domestic manufacturing capacity.","Witnesses and senators told the Senate Committee on Small Business and Entrepreneurship that recent Trump administration tariffs and rapid policy changes have sharply increased costs and uncertainty for small U.S. manufacturers, prompting calls for immediate exemptions and emergency relief.","actionData","errors"]

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Investors and lawmakers press to expand SBIC/RBIC and SBA loan limits to finance U.S. factories

Small manufacturers tell Senate tariffs are pushing some firms toward collapse; lawmakers push for exemptions