Gillibrand Announces Legislation To Expand Microloan Program

Senator Kirsten Gillibrand was at the Utica Women's Business Center on Monday to announce the Microloan Modernization Act.

The Small Business Administration's Microloan Program provides loans to minority and women business owners, as well as other entrepreneurs.

Gillibrand say the bi-partisan legislation would make it easier for entrepreneurs to access capital and grow their small businesses.

“Too many would-be small business owners struggle to get loans from banks to start their businesses. More often than not, the people who lose out are women and minority New Yorkers,” said Gillibrand. “The bipartisan Microloan Modernization Act would help ensure that every hardworking entrepreneur who wants to start a business has a chance to do it. If we really want to fix our economy, then we need to start rewarding work and entrepreneurship again, and this bipartisan bill is a good place to start.”

The legislation has already passed in the House.