U.S. Senators Debbie Stabenow and Carl Levin and U.S. Representative Gary Peters today introduced the Small Business Access to Capital Act, which would reauthorize and improve the State Small Business Credit Initiative (SSBCI) to help small businesses grow and create jobs. The legislation builds on the successful SSBCI initiative created by the Small Business Jobs Act of 2010. The effort has made nearly $70 million available to Michigan – the most of any state in the country – to help small businesses access capital. Sens. Stabenow, Levin and Jeanne Shaheen (D-NH) introduced the bill in the Senate, while Rep. Peters introduced the House version of the bill.
‘Small businesses create the majority of new jobs, and when small business owners can access capital, they can expand their businesses and keep the economy growing,’ Senator Stabenow said. ‘Just last week, I toured a metal stamping business in Detroit that was able to buy new equipment and hire new workers thanks to the State Small Business Credit Initiative, just one of many success stories from across Michigan. I’m so pleased to be joining with my colleagues Rep. Gary Peters and Sens. Jeanne Shaheen and Carl Levin to build on this successful program that we authored in 2010.’
‘SSBCI is helping businesses in Michigan and across the country get access to the financing they need to operate, expand and create jobs,’ Senator Levin said. ‘Building on its successes means more economic growth and more opportunity for American workers.’
‘Small businesses create jobs, grow our economy and strengthen our middle class,’ Congressman Peters said. ‘That is why I am proud to introduce the next phase of the State Small Business Credit Initiative because it has already helped thousands of small businesses get the investment they need to grow and add jobs leading to millions of dollars in increased economic activity in Michigan and across the country.’
The Small Business Access to Capital Act will help small businesses better access capital for growth and expansion by leveraging billions of dollars in private investments through state-led initiatives funded by the SSBCI. Created as part of the Small Business Jobs Act of 2010, SSBCI has already helped small businesses create jobs and promoted billions of dollars in private sector small business lending. The bill builds on the initial program’s success while meeting the demand states and small businesses have been calling for by providing an additional $500 million in formula funds to all states based on the 2010 law. The newly introduced SSBCI bill will also create a new, competitive $1 billion pool of funding for states that have already capitalized on funding from the 2010 program.
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