Congressman Dan Kildee Introduces Bill To Assist Small Businesses and Manufacturers

Statement

Congressman Dan Kildee (MI-05) this week introduced a bill to reauthorize the State Small Business Credit Initiative (SSBCI), a program that helps to grow and support America's small businesses. Congresswoman Maxine Waters (CA-43), Congressman Michael M. Honda (CA-17) and Congressman James R. Langevin (RI-02) joined Congressman Kildee in introducing the legislation.

Originally created as part of the Small Business Jobs Act of 2010, the SSBCI allows small businesses and small manufacturers to access capital to invest in and expand their businesses. This bill provides an additional $1 billion in federal funding for the program while providing for additional reporting on the impact the program has on minority and women-owned businesses.

"Small businesses are a fundamental part of the economy at home in Michigan and across our nation," Congressman Kildee said. "This legislation will provide additional opportunities for small businesses, especially in low- and moderate-income communities, to make the investments necessary for growth. I am proud to sponsor this important legislation, and proud of the impact the SSBCI program has had for our nation's small businesses."

"I'm pleased to join with Rep. Kildee on this legislation and thank him for his leadership on this issue," said Congresswoman Maxine Waters (D-CA), Ranking Member of the House Financial Services Committee. "The legislation introduced today will build on the State Small Business Credit Initiative enacted in 2010 and ensure increased economic opportunity for low- and moderate-income, and other underserved communities, and minority- and women-owned small businesses in my District and across the country."

"Small business is the backbone of the United States. It is important that this valuable sector has access to capital that will allow them to grow, thereby creating jobs and helping expand our economy," Congressman Mike Honda said. "The evidence is consistent that helping small businesses grow is good for everyone. With just a little investment, we can help produce a significant amount of economic activity while also helping many Americans achieve their dreams."

"In my home state of Rhode Island and across this country, small businesses are the lifeblood of our economy. They are the centerpieces of our communities, and an embodiment of the American dream and the entrepreneurial spirit that makes our nation great," said Congressman Jim Langevin. "The State Small Business Credit Initiative provides the access to capital that small businesses need to grow and create jobs, and I'm proud to support the reauthorization of this important economic development program."

The SSBCI provides federal funding, through the U.S. Department of Treasury, to states, territories, and eligible municipalities in order to leverage private investment in our nation's small businesses. Since its creation in 2010, the SSBCI has provided over $8.5 billion in private and public loans and investments, with every $1 in federal funding leveraging $7 in private capital. The program has assisted almost 17,000 businesses all over the country.

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