From: Whipple, Deb (GOV)
Sent: Thursday, June 17, 2010
4:01 PM
Subject: What the governor is talking about today
What the Governor’s Talking about
Today
Thursday, June 17, 2010
Governor Praises Passage of Small Business
Lending Bill
The governor today praised the U.S. House of
Representatives for passing legislation that will increase small business
lending and called for quick Senate passage of the bill.
“I applaud
the House for approving legislation that will help businesses in Michigan access
credit and create jobs,” the governor said. “Limited access to capital is
a major barrier for businesses that need it to grow. This legislation will
contribute to economic recovery in Michigan and across the country, and I urge
the Senate to approve it as soon as possible.”
The Small
Business Lending Fund Act of 2010 would allow the U.S. Treasury to make $30
billion in capital investments to eligible community banks to encourage them to
increase lending to businesses.
The act includes a $2
billion program that would provide grants to support innovative state lending
programs. This program, called the State Small Business Credit Initiative
(SSBCI), is modeled after the successful Michigan Supplier Diversification Fund,
which has leveraged more than $72 million in loans to auto suppliers looking to
diversify into new sectors, creating or retaining almost 4,500 jobs since it
began last summer.
The governor saluted the work of
Michigan’s House members for authoring the state program.
“The work
done by Congressmen Gary Peters, Sander Levin, John Dingell and other members of
the Michigan delegation to support innovative state programs like the Supplier
Diversification Fund and the Capital Access Program has been crucial,” the
governor said. “I also want to thank them for generating support for this
legislation from their colleagues.”
Other Michigan co-sponsors of
the SSBCI include Congressmen Dale Kildee, Mark Schauer and Bart
Stupak.
Key
messages:
• The federal legislation complements
initiatives announced by the governor in her 2010 State of the State address to
spur investment and small business growth in Michigan. They
include:
- The small business investment credit passed
by the Michigan House of Representatives and awaiting action by the Michigan
Senate
- Expanded funding for FastTrac New Venture, a program for
entrepreneurs to learn how to successfully launch and grow a small
business
- The Michigan Small Business Financing Alliance, a new
partnership launched this year with the Michigan Credit Union League and the
Michigan Small Business and Technology Development Centers to provide an initial
$43 million for eligible small business loans
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