New Bill Would Allow Upstate Manufacturers to Expand and Succeed
HORSEHEADS, N.Y. (WENY) -- New legislation wants to make it easier for upstate manufacturers to expand and succeed. Senator Kirsten Gillbrand announced the "Investing in America's Small Manufacturer's Act" on Friday.
"They can go to a bank and get money, but a company this size or even a medium-sized company would not necessarily get a loan from a bank," says Gillibrand. "This [bill] creates more access through the SBA."
To help, the bill would allow the small business administration to guarantee up to 90% of a loan for manufacturers.
"Having the ability to have more equipment to expand manufacturing [and] buy more equipment is really important," says Michael Oshetski, CEO of Micatu Incorporated."Not just for our business, but for many businesses in the area. That's one thing many of us talk about is how can we make sure funding is available to make all that happen?'"
The bill would also cut loan fees and eliminate start up penalties for small manufacturers.
Education assistance would also become more available, making it easier to expand in Upstate New York's manufacturing industry.
According to Gillibrand's office, the Empire State is home to about 33,500 small manufactures.
"If you look in Big Flats, Chemung County, Binghamton, all the way to Ithaca, there's a lot of great companies coming up and a lot of potential that wasn't there maybe five, ten years ago," says Oshetski.
Gillibrand says the bill is great way to start rewarding New York's workforce and in return, improving local economies.
Right now, the bill is in the Committee of Small Business and Entrepreneurship.