The Federal and State Initiatives have opened opportunities for small businesses to gain access to capital, have job growth, and boost exports. The initiatives are a collaboration of Small Business Administration (SBA), Michigan Economic Development Corp. (MEDC) and Michigan Small Business and Technology Development Center. They are the ones responsible for making small business loans available to companies operating in US.
Small business continues to remain the backbone of economy for creating majority of new jobs. The Federal initiatives serve as vital resources to enable small businesses gain access to capital so that they can grow and hire new workers. It is not just the case with Michigan businesses but is applicable to other states as well. Oakland, Macomb and Wayne county small businesses received $395 million in financing since the year 2010 under the Small Businesses Jobs Act.
The Jobs Act is responsible for promotion of exports and also leverages cuts in taxes. MEDC assists companies through export promotion programs. Though the tax code is complicated but yet access to capital is affordable for small businesses.
This article was submitted by Raj Tulshan, Director of Business Development of Biz2Credit. Biz2Credit is a small business marketplace that connects entrepreneurs with financing options and advice to grow their business. Send all questions to email@example.com