State Representative Jason Fields (D-Milwaukee) last week introduced the Small Business Loan Guarantee legislation.
“One of the most significant factors for African American businesses is lack of access to capital,” stated Rep. Fields. “I am pleased to work with Rep. Fred Clark to expand the types of businesses eligible for the small business loan guarantee program and the funds available for loans.” Small businesses employ about half of U. S. workers and over the past 17 years have generated 65 percent of new jobs.
This bill expands and updates WHEDA’s Small Business Loan Guarantee Program, by providing loan guarantees of up to 80 percent of the principle for startup or expansion loans to small businesses with 50 employees or less in the manufacturing, processing, and contracting sectors. The bill expands the total reserves available for backing loan ,000,000, and increases the size of loans and the types of businesses eligible for the small business loan guarantee program. The bill was developed in consultation with WHEDA’s Economic Development Specialists.
“This is the type of economic development legislation that will help create jobs in the 11th Assembly District and our community,” Fields said. “I believe the best social program that a person can utilize is gainful employment.”