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The 504 Modernization and Small Manufacturer Enhancement Act of 2026 proposes several changes to the Small Business Investment Act of 1958, focusing on improving the SBA's 504 loan program. The bill expands the program's policy goals to include workforce development through training programs, support for small businesses in disaster-affected areas, and prioritizes small businesses with 10 or fewer employees. It also introduces more flexible loan closing procedures, allowing accredited lenders to make certain adjustments such as reallocating project costs, correcting typographical errors, and adding guarantors without ownership interest, which can speed up the loan closing process.

Additionally, the bill enhances oversight by defining roles for SBA district counsels and designated attorneys to streamline loan closings while maintaining accountability. It mandates the SBA to develop a marketing and outreach plan to increase awareness of available loans. The bill revises leasing rules for projects involving new facilities and existing buildings, allowing small manufacturers more flexibility in leasing portions of their projects while ensuring they occupy a significant share. Finally, it exempts certain SBA loans from the 'credit elsewhere' requirement, potentially making it easier for small businesses to qualify for financing. These changes aim to facilitate access to affordable capital, especially for small manufacturers and businesses recovering from disasters, while improving administrative efficiency and oversight.