Industry Headlines

Small Manufacturers Applaud Obama Plan to Help Small Businesses Access Credit

WASHINGTON, D.C.-The Precision Metalforming Association (PMA) and the National Tooling & Machining Association (NTMA) have commended the Obama administration for taking steps to help small businesses access credit during the economic downturn. The administration’s measure will tap funds from the Troubled Assets Relief Program to inject capital into community banks, a move designed to spur lending as well as raise the borrowing cap for companies available through Small Business Administration loan programs.

Together, PMA and NTMA formed the "One Voice" partnership to advocate for the interests of small and medium manufacturers throughout the U.S.

In a recent One Voice survey of member companies, 67% of respondents called the credit situation at their company a serious or moderate problem; 68% said accessing credit to finance capital investment is a serious or moderate problem; and 58% said accessing credit needed for day-to-day operations was a serious or moderate problem.

"We appreciate the Obama administration’s active support to help ensure the survival of thousands of companies across the U.S. who have been plagued by ongoing difficulties accessing credit for their businesses," says NTMA Chief Operating Officer Rob Akers. "Many manufacturers-particularly small and medium-sized companies-have found out the hard way over the past several months that banks and other creditors with whom they had worked for years suddenly grew reluctant, and often simply unwilling, to offer them access to much needed capital."

"For months, One Voice has worked with members of Congress in the House and Senate, as well as key figures in the administration, to focus attention on the ongoing credit issues faced by small, middle-market manufacturers," says PMA President Bill Gaskin. "We are pleased that the administration has listened and is taking steps to address this problem, and we eagerly await the details of how the thousands of small businesses who sorely need access to capital can take advantage of this initiative."

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