Thanedar Introduces Bill To Promote Small Businesses

Photo: Shri Thanedar sending Valentine’s greetings on February 14. 

India-West Staff Reporter

WASHINGTON, DC – Congressman Shri Thanedar (D-MI) has introduced the “Loans in our Neighborhoods (LIONS) Act,” to amend 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, Thanedar said in a statement.

The Congressman said 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,” he said. “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.”