Sec. 2. Findings
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Congress finds the following: Manufacturers contributed over $2,330,000,000,000 to the United States economy in the first quarter of 2018 and accounted for 12 percent of United States gross domestic product in 2017. Manufacturing is one of the most important sectors of the United States economy with respect to employment. In 2013, the manufacturing sector supported over 17,000,000 indirect jobs in the United States, in addition to the 12,000,000 individuals who were directly employed in manufacturing.
Combined, these indirect and direct manufacturing jobs represented more than 20 percent of United States employment in 2013—more than any other sector. While the United States has added over 14,000,000 non-farm jobs since 2010, manufacturing job growth has lagged and added only approximately 900,000 jobs. Post-recession job recovery averages since the 1940s indicate that another 1,200,000 manufacturing jobs should have been created during this period. Small manufacturers are the backbone of the United States manufacturing industry, accounting for nearly half of all manufacturing jobs in the United States.
Ensuring that small manufacturers have adequate access to capital is critical to creating manufacturing jobs and the growth of the United States economy. The 2015 Federal Reserve Small Business Credit Survey indicates that of the 52 percent of manufacturers that applied for financing during the survey period, 65 percent did so to expand their business or to pursue a new business opportunity. The survey also indicates that 42 percent of manufacturers received less financing than they requested, the primary result of which was delayed expansion of their business.
The loan guarantee programs of the Small Business Administration under section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) and title V of the Small Business Investment Act of 1958 ( 15 U.S.C. 695 et seq.) encourage lenders to provide loans to creditworthy small businesses that would not otherwise obtain financing on reasonable terms and conditions and can serve as an excellent mechanism by which to increase the availability of affordable credit to small manufacturers in the United States.
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