U.S. Senators Todd Young (R-Ind.) and Amy Klobuchar (D-Minn.) introduced two pieces of legislation to help more Americans launch and expand small businesses by improving the Small Business Administration’s (SBA) “504” loan program.
The 504 Credit Risk Management Improvement Act of 2025, led by Young, would increase and streamline oversight of the 504 loan program, allowing for greater accountability and efficiency.
The 504 Modernization and Small Manufacturer Enhancement Act, led by Klobuchar, would update the loan guarantee program and enhance small manufacturers’ ability to access affordable capital. The SBA’s 504 loan guarantee program provides small businesses with long-term fixed-rate financing for major assets including, land, equipment, and machinery.
“Small businesses create about two-thirds of new American jobs and generate nearly half of all U.S. economic activity. Our bills will strengthen the SBA’s 504 loan program, which provides access to affordable capital and continues to generate tens of millions in expansion financing in Indiana,” said Senator Young.
“The 504 loan program helps provide small businesses with the resources they need to create the jobs of tomorrow,” said Senator Klobuchar. “By making key improvements to expand eligibility and increase access to capital, our bipartisan legislation will ensure that more small businesses, including small manufacturers, can access and benefit from this loan program.”
After being introduced in 2023, both pieces of legislation passed the Senate Committee on Small Business and Entrepreneurship.
Full text of the 504 Credit Risk Management Improvement Act can be found here. Full text of the 504 Modernization and Small Manufacturer Enhancement Act can be found here.
Illinois State Museum featuring personal Route 66 stories for Mother Road’s 100th anniversary
Good Samaritan CEO Rob McLin honored with IHA 2025 Distinguished Service Award
Illinois goes from “F” to“A” on support for survivors of human trafficking
Carbon Monoxide Awareness Month underway
IDOH approves Union - Regional hospital merger
VU announces changes in College of Health Sciences and Human Performance
Unit 20 hires new administrator and fills board vacancy
New IDOC mail policy program protested
Eagle Branch District to host annual meeting
Niemerg Lawrence County satellite office hours set
Select Wings Etc. locations offering free entrée on Veterans Day
FSSA statement on SNAP benefits, one week delay
Illinois transitioning to new emergency fire information system
Bridgeport Township accepting mowing bids
Vincennes announces Sister City partnership with Ovruch, Ukraine
IDOT and IDNR warn of deer-vehicle collisions
Vincennes man pleads guilty to murder of Taylor Hendershot
LCMH Legacy Gala a success
Christmas Nights of Lights returns to the Indiana State Fairgrounds
