By Andi Anderson
Federal leaders are calling for major changes to small business lending programs to help farmers and manufacturers cope with rising equipment and operational costs. The proposal was highlighted during a visit to Indiana by Kelly Loeffler, Administrator of the U.S. Small Business Administration (SBA), and U.S. Senator Todd Young.
The two leaders toured Thomas & Skinner, a long-established manufacturing company near Indianapolis, before attending the Indiana State Fair. There, they met with farmers and business owners to discuss agriculture, manufacturing, and economic development.
According to U.S. Senator Todd Young, businesses across Indiana are seeking greater stability and certainty when making investment decisions. Farmers, meanwhile, continue to face high input costs that affect their profitability and growth.
Speaking at the event, Young said, "The world is dynamic and uncertain right now, and that’s always the case, but especially so right now." He emphasized that predictable public policies can encourage investment, helping small businesses expand and create jobs.
A key topic was the possibility of increasing SBA-backed loan limits. Kelly Loeffler, Administrator of the U.S. Small Business Administration, noted that lending limits have not been updated since 2010, despite significant increases in the cost of agricultural and manufacturing equipment. She proposed doubling the loan cap for production sectors such as agriculture and manufacturing.
Loeffler said, "Let’s double the loan size for people in production like agriculture and manufacturing to get up to that $20 million because that’s really what it takes in terms of scale today."
Supporting the idea, Young stated, "I think increasing the loan amounts would be rocket fuel for the economy."
During discussions on agriculture, both leaders highlighted efforts to reduce regulations and improve trade opportunities for American producers. They also spoke about giving farmers greater freedom to repair their own equipment and reducing costs linked to certain federal requirements.
Young stressed the importance of affordable equipment maintenance, saying, "A farmer ought to be able to fix their own combine without paying through the nose, and unfortunately, some of these manufacturers they design their systems these days so that you have to pay a lot of money for service."
Trade and technology were also major subjects of discussion. The leaders emphasized the importance of fair trade policies and reducing barriers for U.S. agricultural exports. Young noted that investments in biotechnology, semiconductor manufacturing, drones, and artificial intelligence could create new opportunities for farmers and rural communities.
In addition, workforce shortages remain a concern for many businesses, with employers reporting difficulties finding skilled workers.
Young also expressed optimism about progress on a new federal farm bill, stating, "I’m told we’re pretty close, and you know, listen, we need to come together for the good of our rural communities and give them the risk management programs and the other basic programs that are required to feed the world."
The discussions highlighted ongoing efforts to strengthen agriculture, manufacturing, and rural economies through increased investment, innovation, and policy support.
Photo Credit: gettyimages-d-keine
Categories: Indiana, Rural Lifestyle