Assemblymember Pamela J. Hunter (D-Syracuse) joined U.S. Senator Kirsten Gillibrand at a press conference in support of Gillibrand’s legislation to expand the Small Business Administration (SBA) Microloan Program (S.526).

“This legislation is critical in helping more small businesses and entrepreneurs get up and running right here in Central New York,” said Hunter. “By increasing access to capital, more innovators, visionaries and family-run businesses will have the means they need to put their ideas into action and help create jobs and grow our economy.”

The Microloan Modernization Act increases the funding that microloan lenders can use to help low-income individuals start and operate a small business. Currently, these lenders can only use up to 25 percent of the funds they receive from the SBA to provide technical assistance to small businesses. Gillibrand’s legislation increases the amount microloan lenders can borrow from the SBA from $5 million to $6 million so they have more money available to help jump-start small businesses. The Microloan Program has been especially beneficial for entrepreneurs without substantial credit history, those who are unable to get traditional bank loans and minority- and women-owned business enterprises (MWBEs).

Darin Price, owner of Right Price Companies Inc., and Robert Simpson, President of CenterState CEO, also spoke at the event.