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The legislation also creates a State Small Business Credit Initiative that allocates federal funds for states to partner with financial institutions by directly addressing the cash flow and collateral challenges facing small manufacturers. A similar bill passed the House in June.
“Over the last 18 months, we have worked to create a state-based small business program that will provide our members with opportunities to access the traditional financial markets. This is particularly important to help small manufacturers obtain funding for retooling and diversification,” said Neil De Koker, president and CEO, OESA. “The bill, particularly the Small Business Credit Initiative program, will help achieve those goals.”
“For this country to succeed, we need a strong domestic vehicle manufacturing industry capable of meeting consumer demands of safer and more fuel efficient vehicles,” said Bob McKenna, president and CEO, MEMA. “This bill will help ensure a stable supply base capable of meeting those objectives. We are very grateful the Senate recognized this and took action.”