Dearborn, MI -  More help is on the way for Michigan small businesses today, thanks to the efforts of Congressman John D. Dingell (D-MI15) and his Democratic colleagues.  According to the Treasury Department, Michigan will be eligible to receive $79 million for the State Small Business Credit Initiative which was a key provision of the just-passed Small Business Jobs Act, supported by Congressman Dingell.

Congressman Dingell, Congressman Sander Levin (D-MI12), and Congressman Gary Peters (D-MI09) worked together to write and include the Small Business Credit Initiative in the Small Business Jobs Act.  The provision gives states the opportunity to apply for federal funds for programs that partner with private lenders to extend greater credit to small businesses. States are required to demonstrate a minimum “bang for the buck” of $10 in new private lending for every $1 in federal funding. Accordingly, the $1.5 billion investment from the federal government is expected to support $15 billion in additional private lending.

“I’ve met with our business and community leaders at the their stores and companies in Ann Arbor, Monroe, Dearborn and across the 15th District,” Dingell said. “It is our small businessmen and women will who make Michigan’s economic engine hum again.  I expect our state officials to take quick action and make sure we have the increased access to capital that this bill will provide.  The new funds provided, as well as tax cuts created by this Congress, will spur growth and hiring on Main Street.”

In addition to the State Small Business Credit Initiative, the Small Business Jobs Act will help America’s 27 million small businesses with eight tax cuts totaling $12 billion that went into effect last week. It will make Main Street businesses more competitive with big corporations by spurring up to $300 billion in private sector lending for small businesses through community banks and extending and expanding existing Small Business Administration low-cost loans.  Finally, this bill is fully paid for and will not add a dime to the deficit.

Republicans voted against this measure and have now rejected 15 of the 16 tax breaks for small businesses that this Congress has enacted.