504 Modernization and Small Manufacturer Enhancement Act of 2023

The 504 Modernization and Small Manufacturer Enhancement Act of 2023 modifies the Small Business Administration's 504 loan program to better support small manufacturers. It increases manufacturing loan amounts from $5.5 million to $6.5 million, establishes different contribution requirements (5-10% of project cost), and sets a $150,000 per job creation standard for manufacturers (compared to $75,000 for other businesses). The bill streamlines loan closing procedures with new flexibility for correcting details and reallocating costs, and requires small manufacturers to partner with resource centers like small business development centers. These changes aim to make the 504 loan program more accessible and beneficial for small manufacturing businesses.