On President Obama signing the Small Business Jobs Act into law
“This new law will help fuel the engine of our economy, our small businesses. The lack of available credit is a problem I have heard a lot about from Wisconsin small business leaders since the recession started. By freeing up credit and reducing taxes on small businesses, this law will help small businesses expand, create jobs and move our economy forward. I am pleased to support this new law, and I will continued to push other efforts like my jobs tax credit proposal to help put more Americans back to work.”
Recently, several Wisconsin small business owners joined Senator Feingold in voicing support for passing the Small Business Jobs Act:
Russ Klisch, the owner of Lakefront Brewery in Milwaukee, said the small business bill can help businesses like his create jobs.
“The passage of the bill will allow the brewery to obtain a SBA loan to buy equipment and hire more employees,” Klisch said. “Although the brewery is up in sales by 24 percent this year it has been unable to obtain financing without the 90 percent guarantee this bill offers.”
Rebecca Root is co-owner of The Fun Company, an arcade game manufacturing company based in Necedah, Wisconsin. The company is hoping to open a manufacturing plant and retail store in New Lisbon. The company predicts that expansion could bring 15 to 30 jobs to the area. With passage of the Small Business Jobs Act, The Fun Company could save thousands of dollars in fees.
“Juneau County in Wisconsin is a very depressed area. If the small business bill would pass through, it would allow us more funds to help stimulate the county,” said Root.
Dr. Carin LaCount is an optometrist with Family Focused Vision Care in Sherwood. Despite the fact that her practice is growing and loan payments have never been missed, her lender is requiring her SBA loan be 90 percent guaranteed. The Small Business Jobs Act boosts loan guarantees for the 7(a) loan program from 75 percent to 90 percent, helping ensure her optometry clinic will be able to provide critical vision care for her community.
“My practice is young, only four years old, and therefore has a great deal of start-up debt. Even though we’re growing and haven’t missed a loan payment, my lender requires a 90 percent guarantee on my loan,” LaCount said. “Boosting the loan guarantee means our doors can stay open.”