BINGHAMTON (WBNG) -- New York Senator Kirsten Gillibrand (D) proposes 'Investing in America's Small Manufacturer's Act' to help smaller businesses develop.
A conference was held at local business, 3i Graphics and Signs, where Broome County officials joined Senator Gillibrand.
Officials said the proposed bill would make it easier for businesses like this one here to access affordable loans.
They said the bipartisan legislation would would increase the availability of affordable loans for small manufacturers through the Small Business Administration’s loan guarantee programs. It would cut down loan fees as well.
New manufacturers won't be required to pay when applying for an SBA 504 loan. Loan fees for loans under $350,000 would be eliminated.
"Unfortunately so many hard working people here in the Southern Tier who are ready to take their good ideas and turn them into businesses, but often have barriers," said Gillibrand.
Gillibrand said this bill is to create more opportunities for smaller manufacturers to gain more capital in order to develop.
"Large companies, multi-billion dollar companies, they can go to a bank and get money," said Gillibrand. "But a company this size or even a medium-sized company would not necessarily get a loan from a bank and so this creates more access through the SBA."
Broome County Executive (D) Jason Garnar spoke in support of the bill.
"It's something they [businesses] bring up time and time again," said Garnar. "Especially manufacturers when you're producing things and selling it, you need more access to credit."
Owners of 3i Graphics and Signs said they struggled with keeping up with technology and affording the advancements.
"We first went to require the business back in 2008, just on the cusp of the market crash so we realized after a three-year struggle how difficult it was to get funding from banks because of the greater scrutiny that they were under," said 3i Graphics and Signs co-owner, Eric Olsen.
Now with this bill proposed, the owners say they hope it will change those struggles.
"Now it's a matter to keep up with equipment needs so to go to lenders and have access to capital to purchase equipment, to keep up with technology is important," said Olsen.
33,500 small manufacturers make up the manufacturing workforce here in New York State. Officials hope this bill will create opportunities for all and eventually create more jobs.