Gillibrand Pushes Bill To Help Small Manufacturers
Gillibrand say the bi-partisan legislation would increase access to capital for small manufacturers through the Small Business Administration's loan guarantee programs.
The bill would increase the loan guarantee limit, eliminate a startup penalty that new manufacturers are required to pay while applying for an SBA loan and cuts loan fees.
Sherry DePerno, President and CEO of Advanced Tool, says reducing costs for small manufacturers is important. "Being a small business is extremely difficult." said Deperno. "Our struggles and challenges to stay profitable, while trying to keep up with the latest technology are very real."
33,500 small manufacturers make up more than half of New York's manufacturing workforce.