FIRST ON THE DAILY SIGNAL—As Democrats criticize tariffs as bad for business, the Trump administration's Small Business Administration announced an almost 75% surge in loans to small manufacturers, The Daily Signal has learned.
“Loan applications and approvals for small manufacturers are surging—a clear sign that American manufacturing is roaring back, fueled by pro-growth policies that put American workers and businesses first,” said SBA Administrator Kelly Loeffler.
The number of SBA 7(a) loan approvals for small manufacturers has increased by 74% compared with the same period during the Biden administration, according to the SBA.
President Donald Trump announced reciprocal tariffs on U.S. trading partners on April 7, a date he termed "Liberation Day." In the ensuing weeks, Democrat lawmakers have claimed tariffs "are putting small businesses in an impossible position.”
“Business owners are forced to decide between absorbing the costs while risking staff layoffs and potential closure, or passing the increased costs along to their customers, with whom they have built a relationship and who are already facing high prices due to inflation,” a coalition of Democrats led by Sen. Jacky Rosen of Nevada wrote. “Simply put, President Trump’s blanket tariffs will have catastrophic impacts on American small businesses and consumers."
But manufacturing has been on the "rebound" since Trump took office, "boosted by his pro-business agenda—including tax cuts, deregulation, energy independence and tariffs," according to an SBA news release previewed by The Daily Signal.
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Since Trump's inauguration on Jan. 20, the SBA has approved more than 1,120 loan guarantees under the 7(a) loan program for manufacturers, comprising a total loan volume of $677 million.
The 7(a) loan program offers government guarantees to lenders to help small businesses finance equipment purchases, real estate acquisition, working capital, and business expansion.
Under the Biden administration during the same period in 2021, the SBA approved less than 650 7(a)loans with a total loan volume of $497 million.
The vast majority, nearly 99%, of American manufacturers are considered small businesses, the SBA says.
“Thanks to President Trump’s agenda to restore economic and national security," said Loeffler, a former Republican senator from Georgia. "SBA is helping to power an industrial comeback—meeting massive demand to help America’s small producers expand operations, create good-paying jobs, and restore our supply chains.”
During Trump's first month in office, the country gained 10,000 manufacturing jobs after losing more than 111,000 under Then-President Joe Biden in 2024.
Loeffler last week visited a Baltimore plant, Marlin Steel Industries, which employs 115 people. The plant's owner, Drew Greenblatt, told her tariffs are leveling the playing field for his small business.
"Because of the recent tariffs, we are winning jobs. We got an order for five tractor-trailer loads of [wire and steel] product," Greenblatt said. "This is a phenomenal thing for Baltimore city, and we are going to see a lot more wins coming."
Last month, the SBA announced the Made in America Manufacturing Initiative, a campaign that it says will cut $100 billion in red tape, increase access to capital, and promote a skilled workforce.
Agency leaders have met with more than 150 small manufacturers across the country as part of the initiative.
"America’s small businesses—which make up 99% of private sector employers—will be the biggest beneficiaries of President Trump’s fair trade policies," Loeffler said on X on March 31. "Restoring Made in the USA is good for our economy, our workers, AND our national security.
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