Increasing access to capital tends to drive prices higher, not lower. When financing becomes more accessible, the winners are the sellers. The losers are buyers, who face inflated prices and thinner returns as demand rises without any increase in supply. Raising the SBA cap to $10M for manufacturing transactions has the same dynamic. It will pull more self-funded searchers into the $1–3M EBITDA manufacturing sandbox - already one of the most competitive segments due to PE and IS interest. By using a 10-year amortization on a larger loan amount, searchers can now put more debt into a deal and stretch to higher purchase prices. That increased purchasing power inevitably pushes multiples upward. This change doesn’t expand the supply of manufacturing businesses. It simply increases the pool of qualified buyers and the amount of leverage they can deploy. As with housing (long-time homeowners benefited from decades of cheap credit and constrained supply) and college tuition (prices soared as access to student loans widened), expanded SBA financing will benefit sellers first. Increasing access to capital isn’t inherently bad, but it almost always leads to higher prices when supply is fixed.

If Made in America Manufacturing Finance Act passes senate and executive branch when congress resumes in 2026, does anyone know the typical timeline for the SBA to issue a procedural notice or a new version of the SOP to authorize the $10 million loan limit for lenders?