1. Short title This Act may be cited as the Investing in Rural Manufacturing Act . 2. Rural manufacturing loans (a) In general Section 7(a) of the Small Business Act ( 15 U.S.C. 636(a) ) is amended— (1) in paragraph (2)— (A) in subparagraph (A), by striking and (F) and inserting (F), and (G) ; and (B) by adding at the end the following new subparagraph: (G) Participation in rural manufacturing loans In an agreement to participate in a loan on a deferred basis under paragraph (38), the participation by the Administration shall be 100 percent. ; and (2) by adding at the end the following new paragraph: (38) Rural manufacturing loans (A) In general The Administrator may guarantee a loan made under this paragraph to a covered applicant for the purpose of paying any eligible costs associated with the development of a business concern that manufactures goods essential to critical infrastructure sectors in rural areas. (B) Application A covered applicant shall submit an application for a loan under this paragraph which shall include a comprehensive business plan that includes a goal for the resulting number of jobs to be created at the site that will be developed or expanded with the proceeds of such loan. (C) Loan forgiveness A covered applicant shall be eligible for forgiveness of any indebtedness on a loan made under this paragraph as follows: (i) If the covered applicant has met 75 percent or more of the job creation goals of the comprehensive business plan described in subparagraph (B) not later than 5 years after the date of origination of the loan. (ii) If the Administrator makes a determination that the covered applicant only used loan proceeds for eligible costs, the covered applicant shall receive loan forgiveness in an amount— (I) less than or equal to an amount that is 50 percent of the total financing amount specified by the covered applicant