WASHINGTON, D.C. – The Motor & Equipment Manufacturers Association (MEMA) is praising Sen. Sherrod Brown (D-Ohio) for introducing a bill that would expand the ceiling on certain loans issued by the Small Business Administration (SBA), a move that will assist small suppliers with greater access to capital. The current 7(a) program provides loans up to $2 million. The bill introduced by Sen. Brown would increase that ceiling to $5 million.
 
“SBA loans have been a cornerstone in supporting small business for decades,” said Bob McKenna, president and CEO, MEMA. “Because suppliers are taking on an increasing role in product design and development, the $2 million ceiling limited the loan program’s utility to our industry. This increase will help our small suppliers – aftermarket, original equipment, passenger car and heavy duty – by opening up a larger loan limit, allowing more companies to be able to participate in the program.”
 
MEMA and its affiliate organizations, the Automotive Aftermarket Suppliers Association, the Heavy Duty Manufacturers Association, and the Original Equipment Suppliers Association, urged an increase in the loan program limit at hearings before the House Small Business Committee and the Senate Economic Policy Subcommittee of the Committee on Banking, Housing, and Urban Affairs.
 
“We are very grateful for Sen. Brown’s leadership and his commitment to improving the economic climate for all small businesses, including suppliers,” McKenna continued. “MEMA is eager to work with lawmakers to ensure the legislation becomes law.”