Iowa Sen. Joni Ernst Leads American Small Business Competition Act

February 18, 2022

Iowa Sen. Joni Ernst announced her new efforts this week to help agriculture and manufacturing businesses. Under the American Small Business Competition Act, small businesses involved in manufacturing, agriculture and technologies named on the National Security Council’s Critical and Emerging Technologies list would be able to access doubled loan amounts under the 7(a) and 504 loan programs administered by the Small Business Administration (SBA).  

The small businesses would have to be based in the United States and report foreign beneficial ownership to the SBA in the process of applying for a loan.

ABI President Mike Ralston said ABI supports the American Small Business Competition Act because “ABI members know that manufacturing, agriculture, and critical technologies are core components to our national competitiveness.”

“These industries are essential to Iowa and our nation and to creating sustainable economic value in the 21st century,” Ralston added.

You can find the full text of the legislation here.