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Gillibrand Pushes For Legislation to Help Manufacturers Gain Capital

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BINGHAMTON, N.Y. -

United States Senator Kirsten Gillibrand was in town today to push legislation that would make it easier for small manufacturing businesses to gain capital. The Investing in America's Small Manufacturers Act proposes to increase the availability of loans, eliminate loan fees for borrowing under $350,000, and cut loan fees in half for larger amounts.

"It means that more manufacturers in this county who need access to capital can apply for it, there'll be more loan money available, they'll cut the fees that they have to pay," says Gillibrand.

Gillibrand says the legislation would increase the Small Business Association (SBA) program's maximum loan guarantee rate to rise to 90%.