{"id":89523,"date":"2018-03-29T01:35:56","date_gmt":"2018-03-29T05:35:56","guid":{"rendered":"http:\/\/madisoncountycourier.com\/?p=89523"},"modified":"2018-03-27T10:45:13","modified_gmt":"2018-03-27T14:45:13","slug":"in-marcy-gillibrand-pushes-bipartisan-legislation-to-increase-access-to-capital-for-small-manufacturers","status":"publish","type":"post","link":"https:\/\/madisoncountycourier.com\/?p=89523","title":{"rendered":"In Marcy, Gillibrand pushes bipartisan legislation to increase access to capital for small manufacturers"},"content":{"rendered":"
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Sen. Kirsten Gillibrand, right, is pictured with Sherry DePerno, president and chief executive officer of Advanced Tool in Marcy, and Assemblyman Anthony Brindisi.<\/figcaption><\/figure>\n

In Marcy, Gillibrand pushes bipartisan legislation to increase access to capital for small manufacturers<\/strong><\/p>\n

Legislation would eliminate \u2018startup penalty\u2019 and cut loan fees through the Small Business Administration\u2019s loan programs<\/p>\n

New York\u00a0state\u2019s 33,500 small manufacturers make up more than half of New York\u2019s manufacturing workforce<\/p>\n

U.S. Senator Kirsten Gillibrand recently stood with community leaders\u00a0at\u00a0Advanced Tool, Inc.,\u00a0to push bipartisan legislation,\u00a0the\u00a0Investing in America\u2019s Small Manufacturers Act<\/a>, that would\u00a0increase the availability of affordable loans for small manufacturers through the Small Business Administration\u2019s 7(a) and 504 loan guarantee programs. The bipartisan legislation would increase the loan guarantee limit for loans to small manufacturers, eliminate a penalty that new manufacturers are required to pay when applying for an SBA 504 loan, eliminate loan fees for loans under $350,000, and cut loan fees in half for larger loans.<\/p>\n

\u201cToo many small manufacturers in New York still struggle to access the capital they need from banks to expand their businesses and create more jobs in their communities,\u201d said\u00a0Gillibrand.\u00a0\u201cThe bipartisan Investing in America\u2019s Small Manufacturers Act\u00a0would help ensure that every hardworking small manufacturer has the capital and tools necessary to succeed. If we really want to fix our economy, then we need to start rewarding work again, and this bipartisan bill is a good place to start.\u201d<\/p>\n

\u201cI would like to thank Sen. Gillibrand for visiting Advanced Tool in Rome to highlight the many ways Congress is working to promote American manufacturers,\u201d\u00a0said\u00a0Congresswoman Claudia Tenney. \u201cManufacturing is a driving force of our local economy, and small businesses like Advanced Tool create nearly 70 percent of our new jobs. That\u2019s why it\u2019s critical that we work together to provide our job creators with increased opportunities for growth. This bipartisan bill will increase the availability of affordable loans for small manufacturers. As a local manufacturer myself, I understand the importance of access to capital and the stability it provides for small businesses. I will continue to be a fierce advocate for manufacturers and will work to ensure they have the tools necessary for success and continued growth.\u201d<\/p>\n

“Manufacturers and small businesses are the heart of the American economy,” said Assemblyman Anthony Brindisi.\u00a0“We have to do everything we can to ensure their success and the success of American workers. I want to thank Sen. Gillibrand for her efforts and support for this bill, it will help to bolster local manufacturers and keep our upstate communities thriving.”<\/p>\n

\u201cBeing a small manufacturer is extremely difficult,\u201d\u00a0said\u00a0Sherry DePerno, President and CEO of Advanced Tool, Inc. \u201cOur struggles and challenges to stay profitable while trying to keep up with the latest technology are very real.\u201d<\/p>\n

The\u00a0Investing in America\u2019s Small Manufacturers Act\u00a0also increases opportunities for more education assistance to help small manufacturers succeed. The\u00a0average approved SBA 7(a) loan<\/a>\u00a0in FY2017 was $407,616,\u00a0and about 34 percent of all 7(a) loans exceeded $2 million. In FY2017, the SBA approved nearly\u00a069,000<\/a>\u00a07(a) and 504 loans, providing more than $30 billion in lending to small businesses and supporting more than\u00a0630,000 jobs.<\/p>\n

This bipartisan legislation is sponsored by U.S. Senator Chris Coons (D-DE) and is cosponsored by U.S. Senator Cory Gardner (R-CO). This legislation is also supported by the National Association of Manufacturers.<\/p>\n

Specifically, the\u00a0Investing in America\u2019s Small Manufacturers Act\u00a0would do the following:<\/p>\n