LDFA Small Business Act

Small Biz Act-Compliments of Michigan Manufacturing Association

U.S. Senator Debbie Stabenow (D-MI), Huntington, and the Michigan Manufacturers Association visited Brown Jig Grinding, MMA Member, in Wixom to discuss the benefits of the Small Business Jobs Act. A family-owned tool and die company hit hard by the 2008 credit crisis, Brown Jig Grinding was able to secure an SBA loan through Huntington and will directly benefit from the Small Business Jobs Act, which was signed into law last week. This new law cuts taxes for small businesses, increases access to capital, and helps small companies sell their products overseas. Just today, 36 small businesses across Michigan were approved for over $18 million in SBA loans because of the Small Business Jobs Act.

The Small Business Jobs Act eliminates fees charged for SBA 7(a) and 504 loans through the end of the year. Since Mike Brown, owner of Brown Jig Grinding, recently secured an SBA 7(a) loan through Huntington, he will not have to pay loan fees. Additionally, the new law increases SBA 7(a) loan limits from $2 million to $5 million; SBA 504 loans from $1.5 million to $5.5 million; and SBA 7(a) Express Loans from $350,000 to $1 million.

“The best way to fix our economy is to create jobs, and the best way to create jobs is to help small businesses,” said U.S. Senator Debbie Stabenow. “The Small Business Jobs Act will help small businesses like Brown Jig Grinding partner with SBA lenders like Huntington, so they can access the credit they need to expand and hire more workers.”

“Working with Huntington, we were able to secure an SBA loan to keep our business going,” said Mike Brown, owner of Brown Jig Grinding and member of the Michigan Manufacturing Association. “Thanks to the efforts by Senator Stabenow, this new law will completely waive the loan fees, freeing up capital that we can invest in our company.”
“We’re pleased that leaders at both the federal and state level recognized that together, we can provide even more support to small business job growth at this critical time,” said Scott Wolffis, senior vice president of business banking in Michigan for Huntington. “We’re proud to be able to work with Mike Brown to meet his lending needs and save him money, and we hope other small businesses too will take advantage of the benefits provided by the Small Business Jobs Act.”

“Companies like Brown Jig Grinding Company are the core of Michigan’s manufacturing sector, which is by far the largest sector of Michigan’s economy,” said Mike Johnston, Vice President of Government Affairs for the Michigan Manufacturers Association. “Access to capital is one of the greatest challenges for manufacturers and we are pleased to see Brown Jig Grinding Company take advantage of this program to expand their manufacturing business.”

While it is the 37th largest bank in the country, Huntington is currently the fifth largest SBA lender in the country. Huntington also was the number one SBA lender in fiscal year 2009 in four of the six states it serves – Michigan, Ohio, West Virginia and Indiana.

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