More than a dozen Connecticut businesses will benefit immediately from a $30 billion small business loan fund to be created when President Barack Obama signs legislation into law next week.
The Small Business Job Act passed the U.S. House of Representatives Thursday after the U.S. Senate modify and approved a previous bill. The legislation creates a $30 billion lending fund for small businesses, puts in new loan guarantees, reduces transaction and borrowing fees, and offers $12 billion in small business tax credits.
Bernard Sweeney, district director of the U.S. Small Business Administration, said 13 companies in Connecticut such as Marlborough Plastics and the Carriage House of New London will be among the 1,300 across the nation to receive funds from the new law.
Jeff Aiosa, owner of the Carriage House, said with the funds he can buy property to expand his car dealership business and add to his 35-employee workforce.
“That doesn’t happen without a bill like this,” Aiosa said. “It gives me the security that I know I can get a loan.”
Jeff Asklar, president of Marlborough Plastics, said he will open a new facility with better, more efficient equipment for his tool, dye and molding business. As a manufacturer, Asklar said it is increasingly harder to compete with the Asian manufacturers, and the $30 billion fund makes this country more competitive.
“The existing banks right now are making it very, very difficult for us to do business,” Asklar said.
