May 25, 2010
May 25, 2010
Federal action would boost efforts already underway in Michigan
LANSING - Governor Jennifer M. Granholm today joined President Barack Obama in calling on Congress to pass a comprehensive small business jobs package. The governor is in Washington D.C. to participate in a White House event honoring small business owners in observance of National Small Business Week.
"In Michigan, we have taken many steps to diversify our economy, including helping entrepreneurs launch and grow new ventures," Granholm said. "President Obama's plan to increase access to capital for small businesses will boost efforts already underway in Michigan like our Supplier Diversification Fund and other initiatives."
The governor thanked Congressmen John Dingell, Sander Levin, and Gary Peters and other members of the Michigan congressional delegation for their leadership on this issue.
The president is pushing a legislative package that includes new lending initiatives to help creditworthy firms access capital, tax cuts to support investment and expansion, and enhancements to successful Small Business Administration programs. One of the new initiatives, the New State Small Business Credit Initiative, is modeled after Michigan's Supplier Diversification Fund. The fund is designed to help Michigan manufacturers and auto suppliers diversify into new emerging sectors such as alternative energy, homeland security/defense, medical instruments and aerospace. However, because Michigan, like every other state, has limited resources, the state simply cannot meet the need to help all of the companies who want access to the program.
In her 2010 State of the State address, the governor announced several aggressive initiatives to spur investment and small business growth in Michigan. They include the small business investment credit passed by the Michigan House of Representatives and awaiting action by the Michigan Senate; expanded funding for FastTrac NewVenture, a program for entrepreneurs to learn how to successfully launch and grow a small business; and the Michigan Small Business Financing Alliance, a new partnership launched this year with the MCUL and the MI-SBTDC to provide an initial $43 million for eligible small-business loans.
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