SBA promises to cut $100 billion in federal regulations for small businesses/manufacturers

INDIANAPOLIS — The U.S. Small Business Administration has promised to cut $100 billion in federal regulations small businesses and manufacturers must follow as part of its new “Made in America” Manufacturing Initiative.

SBA Administrator Kelly Leoffler launched the initiative after she, along with Gov. Mike Braun, Sen. Todd Young, and Sen. Jim Banks, toured the Aerodyn Engineering facility in Indianapolis.

“Today isn’t just a policy rollout,” Leoffler said. “It’s a promise…we know that that red tape disproportionately impacts manufacturers, and that ends today.”

“When it comes to regulation, government being over the top, lot of room for improvement,” Gov. Mike Braun said.

“It will be a huge help,” David Lawrence, founder of Aerodyn Engineering, said.

Aerodyn Engineering is a smaller firm/lab that helps Fortune 100 companies develop new aerospace products.

“[It’s] stuff that won’t be flying for 5-10 years, but we get to see it and help them build that and test it,” Lawrence said.

According to Lawrence, the biggest problem his company faces is finding new recruits.

“We need to hire people, we need to train people, so all of those benefits will help right away,” Lawrence said.

The SBA will also create a red tape hotline, reduce barriers to capital, and establish a new Office of Manufacturing as part of the initiative.

“I’m proud to stand with Kelly Loeffler, President Trump, [and] this new administration to return these jobs back to America,” Sen. Jim Banks (R-Indiana) said.

“Kelly’s going to do a great job, and we should be encouraged and proud of the fact that is one of her very first visits as SBA Administrator,” Sen. Todd Young (R-Indiana) said.

SBA officials said the agency will hold a number of listening sessions across Indiana as they figure out which regulations they want to cut. FOX59/CBS4 has been told a report is forthcoming that will include the list of regulations and how they will be prioritized.