American manufacturers are one step closer to having the ability to upgrade their businesses thanks to a loan guarantee program secured by Congressman Chaka Fattah (D-PA). The Economic Development Administration (EDA), which will administer the loans, has announced it is soliciting comments to inform the development of the program--a required step in the process.
As the Senior Democratic Appropriator for the Department of Commerce--which oversees the EDA--Congressman Fattah has pushed for the $10 million in federal funds to advance new technologies for small and medium size businesses.
"I created this loan program to give manufacturers the necessary resources for innovation and technology support," said Fattah. "I am pleased that today we are one step closer to providing the financial assistance required for owners to grow their operations and stay competitive."
A Congressional leader in the promotion of manufacturing, innovation and job creation, Fattah has fought for essential programs, including the $128 million Manufacturing Extension Partnership program, which includes the Innovative Marketplace, designed to help expand the U.S. manufacturing base by connecting manufacturers, parts suppliers, purchasers and others, and $5 million in funding to bring manufacturing jobs that have gone to other countries back to the United States.
The EDA will take comments on development of the loan program through May 15, 2013.