Young Oak Kim: “I thank Representative Luetkemeyer for his leadership in the House Small Business Committee. I would also like to extend…”

“I thank Representative Luetkemeyer for his leadership in the House Small Business Committee. I would also like to extend my special thanks to Chairwoman Velazquez for putting forward these very important bills. Madam Speaker, I rise in strong support of H.R. 1490, the 504 Modernization and Small Manufacturer Enhancement Act of 2021. I was proud to join my colleagues, Representatives Craig, Davids, and Chabot, to introduce this bipartisan bill to modernize the SBA's 504 loan program. The program was established with the mission to incentivize economic growth and job creation by providing small businesses with affordable long-term financing. Our bill will provide the SBA with the tools to assist small businesses as they recover during COVID-19. H.R. 1490 would expand eligibility of 504 loans for small businesses that have focused on workforce development, revitalized areas hit hard by the pandemic or disaster areas, and implemented energy-efficient products, or have 10 or fewer employees. These additions will strengthen the 504 loan program for the long run and help small businesses in my community access much-needed capital. The bill will also streamline the closing process of 504 loans. Specifically, H.R. 1490 allows Certified Development Companies to rectify documentation without the implicit approval of the SBA. These corrections will allow small businesses to make investments in their community or hire more workers without delay.…”