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Brief:
- The administration of small businesses in the United States announced its Made in America manufacturing initiative Last week, with the aim of cutting the bureaucracy and regulatory costs for manufacturers.
- As part of the effort, the agency said it will reduce the $ 100 billion in regulation through the Defense Office and will launch a direct bureaucracy line so that small businesses and manufacturers share comments and call what they think they are unnecessary regulations.
- In addition, the SBA is looking to expand financing options and facilitate people to qualify for loans for small businesses, even for real estate purchases, construction and equipment.
Dive Insight:
The SBA initiative is part of President Donald Trump’s agenda to create jobs and resort the manufacturing, taking advantage of tariffs as a tool to attract companies to invest in US facilities to avoid import taxes. The president’s actions in recent weeks have shaken marketsBut he also pressed companies in all sectors to Commit to investment and expansion opportunities of the United States.
Vice President JD Vance spoke about the national manufacturing impulse of the administration during a visit to a plastic manufacturing center in Bay City, Michigan, Friday.
“We are going to reduce your taxes, we will reduce your regulations and reduce the cost of energy to build things here in this country.” Vance said during his comments.
He toured a Vantage Plastics plant and commented on the progress Trump has made by delivering a “great American return” in the first two months of his second term. This was Vance’s first official visit to Michigan from before the elections.
During his comments, Vance said that the country won 10,000 manufacturing jobs during Trump’s first full month in office in February, marking a change after losing a Average of 10,000 manufacturing jobs For the month last year.
“Our goal is to make it easier and more affordable to do things again in the United States,” Vance said. “If you invest in the United States, in American jobs, in American workers and in American businesses, it will be rewarded.”
To accelerate the objectives of the administration, the SBA said it will reduce billions of dollars in regulation through the defense office, A surveillance group that supports the interests of small businesses before Congress. The group has the task of identifying and eliminating rules, policies and procedures that carry small businesses and manufacturers.
There are more than 600,000 manufacturers of small businesses in the US., Using 4.8 million workers with an annual payroll of more than $ 277 billion, According to the Defense Office. More than 20% of all small US manufacturers face manufactured metal products.
In addition to the regulatory cuts, the administration is looking to expand access to the 504 SBA loan program, which provides funds for real estate, construction and equipment.
It is also expanding the use of the Pilot Pilot Program for the working capital of the SBA (A), which offers financing for inventory purchases and expenses related to export for international markets, according to the announcement. Both loan programs operate without taxpayer funds.
“If you want to be rewarded, build in the United States,” Vance said during his comments. “If you want to be penalized, build outside America. It’s as simple as that. “