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One Senator wants to turn America back into the manufacturing juggernaut of years past.
Senator Kirsten Gillibrand (D-NY) is pushing the Made in America Manufacturing Act that will provide commercial loans to businesses that expand domestic manufacturing and promote job growth.
According to a press release from the Senator’s website, her home state of New York has been crippled with over 123,000 manufacturing job losses since 2005; nearly two years prior to the Great Recession.
If implemented, the Made in America Manufacturing Act would award federal funds to states and “manufacturing hubs” that support domestic manufacturers. Awarded businesses would receive low-interest commercial loans that must be used towards the construction of new facilities, the expansion of manufacturing capabilities, the upgrading of equipment, and manufacturing job growth.
Aside from businesses, funds would also be given to programs that partner educational institutions and training centers with manufacturing businesses. The end goal of which is stimulating job growth.
“I believe New York’s great manufacturing communities are well positioned to compete for funding that would help carry out their innovative ideas to spark more growth in high-tech manufacturing sectors, jumpstart new businesses, and create good-paying jobs right here where we need them the most,” said the Senator in the press release.
If passed, the Act would award up to $20 million across the country for high-tech manufacturing companies in emerging industries such as nanotechnology, biotechnology, and aerospace.
The program’s commercial loans offered to businesses would carry interest rates below market rates. Additionally, federal funds could match private lenders.
“The low-interest loans would be used to construct new facilities or to retool, retrofit or expand existing plants, including equipment, infrastructure or energy efficiency upgrades. The federal investment could also help leverage matching funds from the private sector and other non-federal sources,” said Angie Hu, Press Secretary for Senator Gillibrand, in an interview with loans.org.
According to Hu, the Senator is working to make the Act’s success a bipartisan effort. Partnership will be echoed in the partnership boards that will compete for financing. These partnership boards will be composed of alliances between businesses and local development centers that work together in order to submit an application for financing.
Hu continued to explain that the Act has received massive amounts of support from various members of the domestic industry market, including the Manufacturers Association of Central New York, the Center for Economic Growth, the Hudson Valley Economic Development Corporation, and the Long Island Forum for Technology.