U.S. Senator Debbie Stabenow and U.S. Small Business Administrator Karen Mills today highlighted resources to help increase access to capital for Southeast Michigan small businesses, boost exports, and spur job growth. Senator Stabenow and Administrator Mills attended a forum with the Detroit Regional Chamber and Southeast Michigan businesses at Emagine Theater in Royal Oak. Paul Glantz, founder and chairman of Emagine Entertainment Inc., has grown his business with the help of SBA's 504 loan program. This financing has helped Glantz to create jobs and stimulate the local economy.
Senator Stabenow said, "Small businesses are the backbone of our economy, creating the majority of new jobs. It is exciting to partner with the Detroit Regional Chamber as we continue to make sure Detroit remains the busiest land border hub for exports and our small businesses have access to the capital they need to grow their companies and hire new workers."
Karen Mills, Administrator for the U.S. Small Business Administration said, "Thanks in part to the leadership of Senator Stabenow in passing the Small Business Jobs Act, the SBA was given the flexibility to provide capital to more companies when they needed it most. In fact, in 2011 the SBA had a record year, with Michigan small businesses receiving the second highest number of loans in the country. These small businesses, in Detroit and across the state, are the key to creating jobs and an economy built to last."
Sandy Baruah, President and CEO of the Detroit Regional Chamber said, "I thank Senator Stabenow for inviting SBA Administrator Mills to Michigan. Events such as these make Federal programs more understandable and accessible to Michigan small businesses and are important to Michigan's continued economic recovery. I encourage small businesses to explore the many programs offered by the SBA that can help them with business growth."
Paul Glantz, Founder and Chairman of Emagine Entertainment Inc. said, "Our initial entry into the theatre business, going all the way back to 1997, was supported with SBA 504 financing. Most recently, as we expanded our business in both Royal Oak and Rochester Hills, SBA financing played an integral role in allowing us to grow. I doubt that we would even be in business today but for the availability of SBA financing. It has allowed us the privilege of employing almost 500 associates chain-wide and to bring a great entertainment experience to the communities we serve. We thank Senator Stabenow for her diligent efforts to help ensure that small business continues to have access to capital."
Senator Stabenow has long championed initiatives to cut taxes and red tape for Michigan small businesses, including the elimination of an overly burdensome 1099 IRS paperwork requirement. She also led the effort to pass the Small Business Jobs Act, which has provided small businesses in Oakland, Macomb, and Wayne Counties with over $395 million in financing since October 2010. Senator Stabenow was appointed to the President's Export Council by both President Bush and President Obama, where she helps Michigan companies export their products overseas.
The Small Business Administration (SBA) provides small businesses with access to capital through several lending initiatives. The SBA also provides export assistance to small business owners through the Office of International Trade.
With over 20,000 members, the Detroit Regional Chamber is one of the largest chambers of commerce in the country.