Washington, D.C. – Today U.S. Senators Cory Gardner (R-CO), Chris Coons (D-DE), Tim Scott (R-SC), and Jacky Rosen (D-NV) introduced legislation to increase investment in American small manufacturers. The Strengthening Investment to Grow Manufacturing in America (SIGMA) Act would support American manufacturers through increasing affordable loans, incentivizing operation growth, and expanding financial resources and education assistance to small manufacturers. A companion bill in the House was introduced by U.S. Representatives Tim Ryan (D-OH) and Tom Reed (R-NY).

The SBA’s 7(a) and 504 loan programs assist small businesses by providing federally guaranteed loans for businesses. These loan programs, along with the SBA’s Small Business Investment Company, provide investment in America’s start-up manufacturers and growing businesses that have limited access to cash reserves. The SIGMA Act spurs additional investment for small manufacturing businesses in low- or moderate-income areas, rural areas, areas of high unemployment, and those that are veteran-owned, minority-owned, woman-owned, or are important to national security 

“For the sake of national and economic security, the United States must remain a global leader in manufacturing,” said Senator Gardner. “But small manufacturing can face some of the steepest startup costs. The SIGMA Act will help ensure small manufacturing entrepreneurs have access to capital to start and grow their businesses. This legislation will create jobs, spur investments in our local communities – particularly our rural economies – and strengthen American manufacturing.”

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