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Legislation will help small businesses grow and create jobs

(Washington, DC) – U.S. Senators Jeanne Shaheen (D-NH) and Debbie Stabenow (D-MI) today introduced the Shaheen-Stabenow Small Business Access to Capital Act, which would reauthorize and improve the State Small Business Credit Initiative (SSBCI), a successful federal program that helps small businesses grow and create jobs. The legislation is co-sponsored by Senators Carl Levin (D-MI), Mark Begich (D-AK) and Mary Landrieu (D-LA). Congressman Gary Peters (MI-14) introduced companion legislationtoday in the House of Representatives.

The Small Business Access to Capital Act will help small businesses better access capital for growth and expansion by leveraging billions of dollars in private investments through the SSBCI. Created as part of the Small Business Jobs Act of 2010, SSBCI has already helped create 53,000 jobs and promoted billions of dollars in private sector small business lending.  The bill builds on the initial program’s success while meeting the demand states and small businesses have been calling for by providing an additional $500 million in formula funds to all states based on the 2010 law. The newly introduced SSBCI bill will also create a new, competitive $1 billion pool of funding for states that have already capitalized on funding from the 2010 program. 

“Small businesses are the backbone of the economy around the country and especially in New Hampshire where they make of 96 percent of employers,” Senator Shaheen said. “The bill we’ve introduced today strengthens a program with a proven track record of helping small businesses in New Hampshire and will help more of these companies grow, create jobs and spur economic growth.”

“Small businesses create the majority of new jobs, and when small business owners can access capital, they can expand their businesses and keep the economy growing,”Senator Stabenow said. “Just last week, I toured a metal stamping business in Detroit that was able to buy new equipment and hire new workers thanks to the State Small Business Credit Initiative, just one of many success stories from across Michigan. I’m so pleased to be joining with my colleagues Rep. Gary Peters and Sens. Jeanne Shaheen and Carl Levin to build on this successful program that we authored in 2010.”

“SSBCI is helping businesses in Michigan and across the country get access to the financing they need to operate, expand and create jobs,” Senator Levin said. “Building on its successes means more economic growth and more opportunity for American workers.”

“Small businesses create jobs, grow our economy and strengthen our middle class,”Congressman Peters said. “That is why I am proud to introduce the next phase of the State Small Business Credit Initiative because it has already helped thousands of small businesses get the investment they need to grow and add jobs leading to millions of dollars in increased economic activity in Michigan and across the country.”