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Rep. Thanedar introduces bill to promote small businesses
The proposed amendment seeks to increase the maximum gross loan amount from $5,000,000 to $10,000,000.
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This bill doubles the maximum loan amount available for small businesses. / Image - Congressman Shri Thanedar
Congressman Shri Thanedar of Michigan introduced the "Loans in our Neighborhoods (LIONS) Act," with the aim of amending the Small Business Act.
The proposed amendment seeks to increase the maximum gross loan amount for section 7(a) loans from $5,000,000 to $10,000,000 to offer enhanced financial assistance to small businesses.
This initiative is geared towards fortifying the support system for small businesses, acknowledging their vital role in local economies and communities, a release from the Congressman's office stated.
According to Thanedar, the Small Business Administration's (SBA) Loan Program serves as a cornerstone resource for aiding small businesses. The loans serve a multitude of purposes, enabling small enterprises to procure or improve properties, manage daily business expenses, settle existing debts, acquire equipment or furnishings, and address a combination of these needs.
"By introducing the LIONS Act, we are taking a significant step to bolster the resources available to the small business community in Michigan and across the country," said Congressman Thanedar. "This act is about ensuring that the financial needs of small businesses are adequately met, allowing them to continue driving our economy and creating jobs."
Thrilled to announce the introduction of the Loans in our Neighborhoods (LIONS) Act!
— Congressman Shri Thanedar (@RepShriThanedar) February 12, 2024
This bill doubles the maximum loan amount available for small businesses, fueling local economies and creating jobs.
I will always go to bat for Michigan small business!…
“Thrilled to announce the introduction of the Loans in our Neighborhoods (LIONS) Act! This bill doubles the maximum loan amount available for small businesses, fueling local economies and creating jobs. I will always go to bat for Michigan small business!” Rep. Thanedar posted on X.
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