Senators Peters, Stabenow, Shaheen Introduce Small Business Access to Capital Act

WASHINGTON, DC – U.S. Senators Gary Peters (D-MI), Debbie Stabenow (D-MI) and Jeanne Shaheen (D-NH) introduced the Small Business Access to Capital Act, which will reauthorize and improve the State Small Business Credit Initiative (SSBCI) to help small businesses grow and create jobs. The legislation builds on the successful SSBCI initiative created in the Small Business Jobs Act of 2010, which has made over $1 billion available to help small businesses across the country access capital. For years, Senators Stabenow, Shaheen, and Peters have led the fight to make sure small businesses have access to opportunities that lead to a stronger economy.

“Small businesses are the backbone of Michigan’s economy, and ensuring they have access to the capital they need to survive, compete, and succeed is critical to growing our economy and creating new jobs in Michigan,” Senator Peters said. “I was proud to champion SSBCI as a member of the House of Representatives, which has already helped hundreds of Michigan small businesses. This legislation will build on the successes of this program so that small businesses and entrepreneurs can continue doing what they do best - hiring locally and helping their communities thrive.”

“Small businesses create the majority of new jobs, and when small business owners can access capital, they can expand their businesses and keep the economy growing,” Senator Stabenow said. “I’m so pleased to be joining with Senators Shaheen and Peters to build on this successful program that has helped hundreds of small businesses and manufacturers get off the ground or expand.”

“Small businesses are the backbone of our economy, and increasing their access to capital allows them to grow and create jobs.” said Senator Shaheen. “This bill strengthens a program that has a proven track record of helping small businesses leverage modest federal funding for much larger investments of private capital.”

The Small Business Access to Capital Act will help small businesses better access capital for growth and expansion by leveraging billions of dollars in private investments through state-led initiatives funded by the SSBCI. Created as part of the Small Business Jobs Act of 2010, SSBCI has promoted billions of dollars in private sector small business lending.  The bill builds on the initial program’s success by providing an additional $500 million in formula funds to all states based on the 2010 law. The newly introduced SSBCI bill will also create a new, competitive $1 billion pool of funding for states that have already capitalized on funding from the 2010 program.

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