The Motor & Equipment Manufacturers Association has voiced its support for a bill that would increase the ceiling on certain loans issued by the Small Business Administration to $5 million
. MEMA believes the move would help small suppliers that need greater access to capital.

The bill, introduced by Sen. Sherrod Brown (D-Ohio), would modify the existing 7(a) program, which now provides loans up to $2 million.

"SBA loans have been a cornerstone in supporting small business for decades," said Bob McKenna, president and CEO, MEMA. "Because suppliers are taking on an increasing role in product design and development, the $2 million ceiling limited the loan program's utility to our industry. This increase will help our small suppliers - aftermarket, original equipment, passenger car and heavy-duty - by opening up a larger loan limit, allowing more companies to be able to participate in the program."

MEMA and its affiliate organizations, the Automotive Aftermarket Suppliers Association, the Heavy Duty Manufacturers Association, and the Original Equipment Suppliers Association, recommended an increase in the loan program limit at hearings before the House Small Business Committee and the Senate Economic Policy Subcommittee of the Committee on Banking, Housing, and Urban Affairs.

"We are very grateful for Sen. Brown's leadership and his commitment to improving the economic climate for all small businesses, including suppliers," McKenna said. "MEMA is eager to work with lawmakers to ensure the legislation becomes law."