This year, the U.S. Small Business Administration (SBA) reports a significant increase in approvals for manufacturing loans under its 7(a) program, with a 74% rise in approvals during the first 90 days of Trump's administration compared to Biden's period. Over 1,120 loans worth $677 million were approved from January to April, indicating a strong demand for funding among small manufacturers. The SBA's new Made in America Manufacturing Initiative complements efforts to reduce regulations and promote domestic manufacturing through tax cuts and tariffs, aiming to strengthen the industry's workforce and growth further.
Loan applications and approvals for small manufacturers are surging - a clear sign that American manufacturing is roaring back," SBA Administrator Kelly Loeffler stated in a press release.
As part of our tax cuts, we want to cut taxes on domestic production and all manufacturing," Trump stated in remarks to Congress last month.
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