What the Governor’s Talking about
Today
Monday, September 27,
2010
Governor Hails
Signing of Small Business Jobs Act
The governor today heralded the work of President Obama
and Congress in enacting legislation that helps small businesses access credit
so they can make new investments and create jobs.
“Today President
Obama signed into law measures that will help our small businesses gain access
to credit that will help them make new investments, create jobs and strengthen
our nation’s economy,” the governor said. “The Small Business Jobs Act is
an important step as we continue building a new foundation to move America
forward.”
Included in the new law is a $30 billion small business
lending fund, $12 billion in tax breaks and $1.5 billion for the State Small
Business Credit Initiative (SSBCI), a new program modeled after the successful
Michigan Supplier Diversification Fund (MSDF). The governor thanked
members of the Michigan congressional delegation for
sponsoring the SSBCI.
“I am grateful to the Michigan members of
Congress who supported this legislation, especially Congressmen Peters, Levin
and Dingell for introducing the State Small Business Credit Initiative in the
House, and to Senators Stabenow and Levin for ensuring that it was included in
the Senate bill,” the governor said. “They understand the difficult
lending environment that businesses face and have worked tirelessly to make sure
that this new law would provide assistance to Michigan businesses and
workers.”
Key
messages:
- It’s estimated
that Michigan will be eligible to apply for
almost $78 million under the SSBCI which will be used to bolster existing
state lending programs including the Michigan Supplier Diversification Program
and the Capital Access Program. Operated by the Michigan Economic
Development Corporation, these programs help Michigan businesses access credit by
leveraging private sector capital.
- The MSDF, which
began operating this summer, has used $19.6 million in state funds to leverage
more than $112 million in private sector funds, creating or retaining an
estimated 2,672 jobs.
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