Representative Tran Passes Bipartisan Bill Supporting Small Businesses
Washington, DC – Today, U.S. Representative Derek Tran (D-CA-45) announced passage of his bipartisan legislation with Representative Jimmy Patronis (R-FL-01) to provide much-needed support to small businesses. H.R. 5788, the 504 Program Risk Oversight Act, supports small businesses' access to 504 loans to expand operations, purchase property, and make critical purchases such as land, equipment, and machinery. The legislation directs the Small Business Administration (SBA) to increase transparency and efficiency for the 504 Loan Program by requiring an annual program risk analysis and detailed reporting to Congress on its results. The legislation passed by a unanimous vote in the House.
The 504 Loan Program is the SBA’s premier economic development initiative, which supports small businesses across the country through fixed capital loans for key start-up or expansion costs. Since its inception in 1986, the 504 program has provided more than $95 billion in total financing and created over 715,000 jobs in California.
Read the full text of the bill HERE.
“As a small business owner, I saw firsthand the hoops that entrepreneurs need to jump through just to get their businesses off the ground. I was proud to work across the aisle to pass this much-needed reform to help business owners continue to access start-up loans and create thousands of jobs in our communities. The 504 Program Risk Oversight Act is vital to guarantee that the SBA’s largest loan program operates sustainably and effectively so that our local entrepreneurs never lose out on financing opportunities that will help their ventures grow,” said Representative Tran. “Small businesses, and the people who run them, power our local economy in Orange and LA Counties. I look forward to continuing to work with our Main Street community to make even more progress to strengthen our neighborhoods and the businesses that serve them.”
A former small business owner, Representative Tran is dedicated to uplifting small businesses in Congress. Tran serves as Ranking Member of the House Small Business Committee Subcommittee on Oversight and has co-led several bipartisan pieces of legislation—all of which have passed the House—to ensure that small businesses across the country have the resources necessary to succeed. The bills include:
H.R. 787, the Plain Language in Contracting Act, introduced alongside Representative Nick LaLota (R-NY-01), would require contracting opportunities for small businesses to be written in clear, accessible language;
H.R. 832, the Small Business Advocacy Improvements Act, introduced with Representative Roger Williams (R-TX-25), would ensure that the Office of Advocacy of the Small Business Administration represents the interests of American small businesses before foreign governments, and;
H.R. 1642, the Connecting Small Businesses with Career and Technical Education Graduates Act, co-led with Representative Roger Williams, would make it easier for small businesses to recruit and retain a strong workforce of graduates from career and technical education programs.
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