504 Modernization and Small Manufacturer Enhancement Act of 2024

This bill modifies the SBA's 504 loan program to better support small manufacturers. It increases the maximum loan amount for manufacturing projects from $5.5 million to $6.5 million, reduces upfront contribution requirements for small manufacturers (to 5% in most cases), and eliminates extra collateral requirements for these businesses. The bill also simplifies loan closing procedures by allowing lenders to adjust project costs up to 10% or correct minor errors like property addresses. These changes directly affect small manufacturers seeking SBA 504 loans for real estate, equipment, or facility improvements under the program.