The president of PCT Ebeam and Integration testified before a U.S. Senate panel last week in support of a proposed Made in America Manufacturing Finance Act that includes growing two key loan programs for smaller manufacturers.
Karl Swanson, who leads growing Davenport company, was invited to Washington, D.C., to address the Senate Committee on Small Business and Entrepreneurship hearing on Sept. 17, by committee chair and Sen. Joni Ernst of Iowa.
“It was an honor to represent my valued teammates at PCT,” Mr. Swanson said in a news release. “It was also humbling to represent the interests of the hundreds of thousands of small manufacturers that fuel the American economy.”
Sen. Ernst introduced SB1555 along with co-sponsor Sen. Chris Coons, D-Delaware, in April. It is designed to allow small businesses to access capital they need to invest in new equipment, hire new employees and grow their businesses, she said in her opening remarks.
A critical component of that is doubling individual loan limits for the U.S. Small Business Administration’s 7(a) and 504 small manufacturing loans from $5 million to $10 million.
“I know from the countless conversations I’ve had with small business owners that this makes a real difference,” Sen. Ernst said. “Many companies could have expanded faster, hired more workers, and invested in new technologies if only the loan limits had allowed it.”
That includes PCT, a systems integrator and manufacturer of industrial electron beam systems. Ebeam machines are used to enable energy efficient production of pre-painted steel. They also are used in the manufacture of advanced medical materials. And they can be used to achieve more sustainable production of lithium-ion batteries.
Local voices matters
Among those lauding Mr. Swanson’s appearance before the committee is Ryan Sempf. The executive director of Quad Cities Chamber of Commerce and Grow Quad Cities, is a member of the Iowa District Export Council board.
“Mr. Swanson’s testimony is an excellent example of the impact local companies large and small can have on national policy,” he told the QCBJ on Thursday, Sept. 25.
“Expanding the 504 loan program would help to unleash American manufacturing capacity and as detailed in the hearing, expand our competitiveness in global markets,” he added. “The Quad Cities regularly ranks as a top 50 export region as a direct result of our innovative, industry leading manufacturers like PCT Ebeam and Integration.”
Mr. Swanson told the committee PCT used the 504 loan program to support the purchase and expansion of its manufacturing facility. It’s located at 8700 Hillandale Road, Davenport. (View a recording of the hearing and his testimony here.)
Existing program limits, however, prevented PCT from leveraging more SBA programs to support funding of its recent export business.
“Having access to this additional loan capacity would provide PCT with a cost-effective means of supporting more export business, which in turn improves our competitiveness in foreign markets and enables us to accelerate further investments in additional staff and production equipment domestically,” Mr. Swanson said.
“I strongly support this effort and hope Congress passes this legislation,” he added.
