Supporting Small Business
We need to help small businesses thrive and expand so they can create jobs and grow the economy. In 2010, I helped write the Small Business Jobs and Credit Act, which addressed one of the most serious problems facing small businesses: access to sufficient capital. Among the provisions of the bill was one I proposed, providing support to state and local programs that help small businesses deal with the collateral requirements. The provision builds on a successful Michigan program, and it will make available an estimated $790 million in loans to Michigan small businesses. Another was the Intermediary Lending Pilot Program to provide loans to small businesses that had financing needs of between $50,000 and $200,000 but are unable to secure bank financing, even with federal guarantees
I will continue to look for ways to strengthen support for small businesses, including providing support for important Small Business Administration loan programs, as well as programs such as the Small Business Innovation Research and Small Business Technology Transfer programs, and other efforts that enhance small businesses’ role as engines of innovation.
Senator Levin’s Record on Supporting Small Business
- Feb. 17, 2012 – Sen. Levin supports extension of middle-class tax relief
The Senate passes legislation supported by Sen. Levin to extend for a full year a cut in federal payroll taxes and extending emergency unemployment benefits. Sen. Levin calls the extension "important tax relief that is focused on middle-class families who have suffered greatly during the Great Recession."
- Dec. 14, 2011 – Levin calls on China to drop duties on U.S.-made autos
Sen. Levin criticizes an announcement by China that it will begin imposing new duties on some U.S.-made vehicles, calling the action “unjustified” and urging the U.S. government to take action to protect U.S. workers and manufacturers.
- August 4, 2011 - Michigan businesses begin to benefit from Sen. Levin's legislation
Northern Initiatives, a nonprofit community development organization in the Upper Peninsula, has been authorized to loan $1 million in federal funds as one of the first organizations to receive financing under a federal program, the Intermediate Lending Pilot program, authored by Sen. Levin and enacted as part of the Small Business Jobs Act in October 2010.
- March 25, 2011 - Sen. Levin, Pentagon team up for small business event
Sen. Levin, the Department of Defense and major defense contractors hold a summit for Michigan small businesses to help those businesses find opportunities in defense contracting and to help the military find new and innovative ideas that can aid national security efforts.
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