MARCY – U.S. Sen. Kirsten Gillibrand made a stop in Marcy on Monday to push for a new law that she says would help manufacturers like Advanced Tool Inc. on River Road.
Gillibrand was joined by Congresswoman Claudia Tenney, Assemblyman Anthony Brindisi and business owners to speak about new legislation called the Investing in America’s Small Manufacturers Act.
Gillibrans says the bipartisan legislation would increase the loan guarantee limit for small manufacturers, eliminate a penalty that new manufactures are required to pay when applying for a certain small business administration loan, eliminate fees for loans under $350,000, and cut loan fees in half for larger loans.
“We have been great manufacturers for 100 years and so we want to continue to see that,” Gillibrand said. “And so this is a family-owned business and they just need a little support to make sure they get the capital they need to grow and keep providing jobs in this community. And so my bill makes it easier for a company like this to get better loans and get more loans to buy the things they need to grow.”
The new legislation would also give business owners more opportunities for education assistance.
“Being a small manufacturer is extremely difficult,” said Sherry DePerno, president and CEO of Advanced Tool Inc., in a news release. “Our struggles and challenges to stay profitable while trying to keep up with the latest technology are very real.”
