Washington, DC – Today, the House passed the bipartisan 504 Credit Risk Management Improvement Act of 2021 (H.R. 1482) to strengthen the Small Business Administration (SBA) 504 loan program.
Rep. Young Kim (CA-39) joined Reps. Dan Bishop (NC-09), Angie Craig (MN-02) and Sharice Davids (KS-03) to introduce this bipartisan bill to give the SBA new tools to strengthen the oversight requirements of the 504 loan program and ensure assistance goes to small manufacturers who need it most.
“As a small business owner, I am proud to have joined my colleagues to introduce H.R. 1482 to ensure that taxpayer dollars are spent efficiently and to provide the SBA with tools to improve oversight of the 504 loan program,” said Kim. “We must have a regulatory framework that is efficient and can prevent fraud and abuse of taxpayer dollars. I thank my colleagues for coming together to strengthen the integrity of the SBA 504 loan program and urge the Senate to take swift action on this commonsense, bipartisan bill to support our small business owners.”
Watch Rep. Kim’s floor remarks on H.R. 1482 here.
Rep. Kim serves as Ranking Member of the Small Business Subcommittee on Innovation, Entrepreneurship and Workforce Development and has already helped lead several efforts to support small businesses, such as:
- The PPP Extension Act (H.R. 1799), which became law to give small business owners two more months to access PPP loans during the COVID-19 pandemic; and,
- The 504 Modernization and Small Manufacturer Enhancement Act (H.R. 1490) to improve the SBA 504 loan program to allow more small businesses to access capital they need to grow their business and create jobs.
