News Release
« BackCongressman Developing Legislation to Help Metalworking Industries
Wednesday, December 16, 2009
Following several months of working with representatives and members of One Voice, Rep. Chris Murphy (D-CT) is close to introducing legislation to support metalworking industries. Specifically, his bill will:
• Assist metalworking companies with large purchases, such as equipment, that are essential to day-to-day operations by offering no-interest loans up to $3 million;
• Encourage banks to lend to metalworking manufacturers by expanding and improving the Small Business Administration’s America’s Recovery Capital Loan program which provides loans to help companies meet payments on existing debt;
• Incentivize business by providing tax credits for manufacturers and companies that subcontract with American metalworking manufacturers;
• Help free up the books of metalworking companies by encouraging third-party purchase of outstanding customer invoices, giving manufacturers the choice of earning interest on owed payments or having access to immediate cash flow for daily expenses;
• Encourage innovation and long-term stability by authorizing grants to nonprofit foundations to support metalworking manufacturing companies in their identification of and diversification to new markets and technologies; exploration of export opportunities; and skills training and research activities.
One Voice will continue to work with Congressman Murphy and others on Capitol Hill on a bipartisan basis to proactively identify ways to support metalworking companies throughout the country.
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