WASHINGTON, July 2 -- Rep. Gary Peters, D-Mich. (14th CD), issued the following news release:
Today, U.S. Representative Gary Peters (MI-14) praised a $79.3 million investment in Michigan's small businesses through the State Small Business Credit Initiative (SSBCI), according to a quarterly report released by the U.S. Department of the Treasury. Peters authored the SSBCI provision, which allows Michigan small businesses to access loans to grow their businesses and hire new employees.
"Successful small businesses are vital to economic growth and job creation in Michigan," said Rep. Peters. "The State Small Business Credit Initiative has already helped thousands of small businesses access the capital they need to invest, grow and hire new workers. These most recent investments will continue to support businesses in Michigan and across the country as they help grow our economy and strengthen our middle class."
Since 2010, the U.S. Department of the Treasury awarded almost $1.5 billion to fund programs that support small businesses and small manufacturers. To qualify for SSBCI support, small businesses must use the federal funds to leverage private capital. The program is expected to help spur up to $15 billion in new private sector lending or investment in small companies by leveraging $10 in private capital for every dollar of federal support by the program's end.
Peters authored the SSBCI provision after hearing from Michigan small business owners about the difficulties they were having obtaining loans. He became the driving force behind legislation to free up credit and fought to include the SSBCI in the Small Business Jobs Act of 2010. Recently, Peters introduced a new measure, the Small Business Access to Capital Act, which provides an additional round of formula funds based on the 2010 model and also provides $1 billion for a new, competitive pool of funding for which states and consortiums of states may apply.
Before entering public service, Peters worked as a successful businessman. In Washington, he has championed small business growth and focused on hearing the concerns and ideas of Michigan's small business owners and entrepreneurs. He is co-chair of the Congressional Caucus on Innovation and Entrepreneurship.