Help for small manufacturing businesses might be on the way. On Tuesday Senator Kirsten Gillibrand was in Syracuse announcing new legislation intended to help expand small businesses and boost manufacturing.
Jeff Pine is one of the founders of JADAK, a manufacturing company that began 15 years ago. He says his company supports the new bill because of the impact it can have.
“I mentioned how hard is it for a company to fund itself and get those funds to grow. The bill is a significant part to helping companies not have to fight the pressures of going offshore to get the funding they need.”
Senator Gillibrand says banks and venture capitalists can be reluctant to take risks on loans to small businesses. Her Scale-Up Manufacturing Investment Act would help to fix that problem.
“A lot of our small community banks wouldn’t take the risks if they weren’t getting the leverage from the federal government. This allows them to take more risks, to fund more businesses and have more access to capital through the SBA.”
The small business administration would provide federal guarantees t loans through community banks and other lenders. Gillibrand says the measure would also counteract some of these jobs going overseas.
“We should not miss the opportunity to create good jobs here in America, or watch these potential jobs go overseas. We must pass this bill and support the economic growth and development that our communities need.”
The Manufacturing Association of Central New York supports the measure. Vice President Karyn Burns likes the content of the measure, but also haw it came about.
"It provides our current and future manufacturing sector and businesses, just like JADAK, with resources and opportunities to be competitive, innovative and grow our operations right here in New York. And what's so helpful, Senator, is exactly what you did doing roundtables with businesses asking what they need. It's exactly what is needed to have legislation just like this to prosper and grow."
Gillibrand called manufacturing the backbone of the economy. She believes the loan funding measure could pass in the upcoming congressional session since it has bi-partisan support.
