2021: Fitzpatrick Voted To Modify The 504 Loan Program, Which Would
Increase The Maximum Loan Amount From $5.5 Million To $6.5 Million For
Small Manufacturers. In April 2021, Fitzpatrick voted for the 504
Modernization and Small Manufacturer Enhancement Act of 2021 which
would, according to Congressional Quarterly, "make a number of changes
to the Small Business Administration 504 loan program, which provides
loans for major fixed assets, such as real estate and heavy equipment.
It would increase from $5.5 million to $6.5 million the maximum loan
amount for projects by small manufacturers. It would expand the list of
policy goals for loan-eligible projects to include workforce development
through training programs, expansion of employee-owned business
development, reducing costs through the use of energy efficient products
and generating renewable energy, aid for areas affected by disasters and
expansion of businesses with 10 or fewer employees. Among other changes,
it would include provisions to streamline the loan closing process for
the program by allowing development companies to conduct certain
administrative functions; increase job creation or retention
requirements for loan recipients; and modify rules for the leasing of
facilities constructed, acquired or renovated using loan funds." The
vote was on passage. The House passed the bill by a vote of 400-16. The
Senate did not take substantive action on the bill. [House Vote 116,
4/15/21; Congressional
Quarterly, 4/15/21;
Congressional Actions, H.R.
1490]
The Bill Would Make The 504 Loan Program Manufacturer-Accessible
Through Certified Development Company Intermediaries. According to
The Guardian, "This bill, which passed the House in mid-April and is
awaiting a Senate vote, is designed to make the Small Business
Administration's (SBA) 504 Loan Program more accessible to
manufacturers through certified development company (CDC)
intermediaries." [The Guardian,
6/10/21]
The Bill Would Increase The Loan Amount Accessible For Small
Manufacturers And Lightens Some Requirements, While Requiring The
Small Business Administration To Conduct Trainings. According to
The Guardian, "The bill increases the loan amount available for
small manufacturers and relaxes some collateral requirements, as
well requiring the SBA to provide training." [The Guardian,
6/10/21]
The Bill Would Have Expanded Policy Goals For 504 Loan-Eligible
Projects, Which Would Include Trainings, Cutting Costs Through
Energy Efficient Product Usage, Aiding The Revitalization Of A
Disaster-Struck Area, Employee-Owned Business Expansion, And Small
Business Expansion. According to Congressional Quarterly, "expand
the list of policy goals for loan-eligible projects to include
workforce development through training programs, expansion of
employee-owned business development, reducing costs through the use
of energy efficient products and generating renewable energy, aid
for areas affected by disasters and expansion of businesses with 10
or fewer employees. [Congressional Quarterly,
4/15/21]
The Bill Would Make Manufacturers Eligible For Funding, Which Can
Be Up To $6.5 Million, If They Use The Funding For Energy
Efficiency Or Revitalization Of An Area Affected By A Disaster.
According to The Guardian, "The manufacturers would be able to apply
for the funding -- which can be as much as $6.5m -- if they can
show that funds will be used for energy efficiency or aid in the
revitalization of a disaster area." [The Guardian,
6/10/21]
The Bill Would Have Modernized The 504 Loan Program's Closing
Process, Increased Job Retention Requirements And Modified Leasing
Rules Of Facilities Acquired With Loan Funds. According to
Congressional Quarterly, "include provisions to streamline the loan
closing process for the program by allowing development companies to
conduct certain administrative functions; increase job creation or
retention requirements for loan recipients; and modify rules for the
leasing of facilities constructed, acquired or renovated using loan
funds. [Congressional Quarterly,
4/15/21]
2022: Fitzpatrick Voted Against Appropriating $1.1 Billion To The
Small Business Administration For FY 2023. In July 2022, according to
Congressional Quarterly, Fitzpatrick voted against the Transportation,
Housing and Urban Development, and Related Agencies Appropriations Act,
2023, which would provide "$1.1 billion for the Small Business
Administration." The vote was on passage. The House passed the bill by a
vote 220-207, thus the bill was sent to the Senate. The Senate did not
take substantive action on the legislation. Congress passed and signed
into law the FY 2023 Budget through H.R. 2617. [House Vote 383,
7/20/22; Congressional
Quarterly, 7/20/22;
Congressional Actions, H.R.
8294]
2021: Fitzpatrick Voted For Requiring A Portfolio Risk Analysis And
Report On The Effectiveness Of The Small Business Administration
Microloan Program. In April 2021, Fitzpatrick voted for the Microloan
Transparency and Accountability Act of 2021 which would, according to
Congressional Quarterly, "require the Small Business Administration to
submit to Congress annually and make publicly available a portfolio risk
analysis and a report on the effectiveness of the administration's
microloan program, including information on the average size and
interest rate of each microloan, the number of underserved borrowers
participating and the extent to which microloans are provided to rural
small businesses." The vote was on passage. The House passed the bill by
a vote of 409-4. [House Vote 115,
4/15/21; Congressional
Quarterly, 4/15/21;
Congressional Actions, H.R.
1487]
2021: Fitzpatrick Voted To Modify The Requirements For The Small
Business Administration Microloan Program, Which Would Make Intermediary
Lenders Eligible For Lower Interest Rates If They Provide Small Business
Loans Of $10,000 Or Less. In April 2021, Fitzpatrick voted for the
Microloan Improvement Act of 2021 which would, according to
Congressional Quarterly, "modify requirements for the Small Business
Administration microloan program. Among other provisions, it would make
intermediary lenders that provide loans to small businesses of $10,000
or less eligible for a lower interest rate." The vote was on passage.
The House passed the bill by a vote of 397-16. The Senate did not take
substantive action on the bill. [House Vote 114,
4/15/21; Congressional
Quarterly, 4/15/21;
Congressional Actions, H.R.
1502]
The Bill Would Have Extended Lines Of Credit To Borrowers For
Microloans Offered By Intermediaries. According to Congressional
Quarterly, "authorize intermediaries offering microloans, such as
nonprofits and community development corporations, to extend lines
of credit to borrowers." [Congressional Quarterly,
4/15/21]
The Bill Would Have Adjusted The Repayment Terms For A Microloan
To Seven Years For Microloans Under $10,000 And 10 Years For
Microloans Over $10,000. According to Congressional Quarterly,
"adjust maximum repayment terms from eight years, as established by
previous coronavirus relief law, to seven years for microloans of
$10,000 or less and 10 years for microloans greater than $10,000."
[Congressional Quarterly,
4/15/21]
The Bill Would Have Reserved 15% Of Microloan Program Funding For
Designated "Underutilized States. According to Congressional
Quarterly, "require the SBA to allocate 15% of microloan program
funding for 'underutilized states.'" [Congressional Quarterly,
4/15/21]
2024: Fitzpatrick Voted To Establish An Office Of Native American
Affairs Within The Small Business Administration. In February 2024,
Fitzpatrick voted for , according to Congressional Quarterly, "the bill,
that would provide the statutory authorization for the Office of Native
American Affairs within the Small Business Administration, to provide
small business resources to tribal communities, including consultations
with tribal leaders and outreach to tribal businesses. The bill also
would authorize the office to provide direct assistance, including
grants, contracts, cooperative agreements or other financial support to
assist Native American tribes, Native Hawaiian Organizations and private
tribal nonprofit organizations in providing entrepreneurial training,
counseling, workshops, educational outreach, and networking
opportunities. Recipients could also use that assistance to help tribal
members access SBA loan programs. The office also would be tasked, to
the extent reasonable, with educating Native American tribes and NHOs on
relevant programs administered by other federal agencies. It also would
terminate the authorization seven years after the bill's enactment." The
vote was on passage. The House passed the bill by a vote of 402 to 16.
[House Vote 57, 2/29/24;
Congressional Quarterly,
2/29/24; Congressional Actions,
H.R.
7102]
2022: Fitzpatrick Voted For An Amendment That Reallocated $6.7
Million For Small Business Administration Entrepreneurial Development
Programs, Especially The SCORE Business Mentorship Program. In July
2022, according to Congressional Quarterly, Fitzpatrick voted for en
bloc amendments no. 7 to the Transportation, Housing and Urban
Development, and Related Agencies Appropriations Act, 2023, which would,
in part, "reallocate $6.7 million for Small Business Administration
entrepreneurial development programs, intended for the SCORE business
mentorship program." The vote was on the adoption of amendments. The
House adopted the amendments by a vote 355-56. [House Vote 379,
7/20/22; Congressional
Quarterly, 7/20/22;
Congressional Actions, H.Amdt.
299;
Congressional Actions, H.R.
8294]