By Joyce Kryszak
http://stream.publicbroadcasting.net/production/mp3/wbfo/local-wbfo-911451.mp3
Buffalo, NY – US Senator Kirsten Gillbrand says small businesses across New York State could have access to $300 million in new loans by this fall.
Gillibrand was at the Massachusetts Avenue Project entrepreneur training site in Buffalo yesterday to announce the new Senate legislation. She says the bill, expected to pass by August, is aimed at helping incubators like MAP's to expand and create jobs. She says the proposal would do that by lowering start-up fees, giving tax breaks, and providing an extra 30 billion dollars for small business loans. Gillibrand says the investments would have a big impact.
"These are the kinds of investments that create jobs," Gillibrand said. "We want to increase our investments in incubators and job training programs."
Gillibrand acknowledged that the legislation faces opposition from some lawmakers worried about the $14 trillion dollar. But the senator says the bill has bi-partisan support because it would pay for the incentives by closing tax loopholes. Gillibrand says the deficit should be addressed with pay-as-you-go programs and cuts in wasteful spending. But she says not with cuts in job-generating incentives.
"The worst thing is that if the federal government stops all spending, even for these job generating programs, this recession will become a depression," Gillibrand said.
If approved, the legislation would provide the additional loan money to community banks to funnel to qualifying small business loans. Gillibrand says access to that credit could be available as soon as this fall.