Gillibrand Unveils New Manufacturing Legislation
By: Tina Shively
Updated: February 12, 2013
New legislation drafted by Senator Kirsten Gillibrand is sending the message that New York can lead the way in American manufacturing.
The legislation is the first that Gillibrand has introduced in the 113th Congress. It is a federal funding competition that will encourage states and partnerships between public and private groups to come up with ideas to spur growth in manufacturing. Gillibran spoke at Rochester Precision Optics, a business that makes military equipment: everything from laser pointers to night vision goggles. She believes the "Made In America Manufacturing Act" would help provide them and similar area companies with the funds they need to stay up to date with the latest equipment. The award of up to $20 million would also allow winners to do several other things, including setting up a revolving loan fund.
"One of the biggest challenges our manufacturers face around the state and the country is access to capital. This revolving loan fund would go a long way to give existing manufacturers the loans they need to develop, to reinvest in their businesses to upgrade strategies and use the most cutting edge technologies," Gillibrand said.
Funding would also go towards job training and provide capital and technical assistance to boost exporting opportunities. Gillibrand is confident the act will gain support from both Democrats and Republicans.
The legislation is the first that Gillibrand has introduced in the 113th Congress. It is a federal funding competition that will encourage states and partnerships between public and private groups to come up with ideas to spur growth in manufacturing. Gillibran spoke at Rochester Precision Optics, a business that makes military equipment: everything from laser pointers to night vision goggles. She believes the "Made In America Manufacturing Act" would help provide them and similar area companies with the funds they need to stay up to date with the latest equipment. The award of up to $20 million would also allow winners to do several other things, including setting up a revolving loan fund.
"One of the biggest challenges our manufacturers face around the state and the country is access to capital. This revolving loan fund would go a long way to give existing manufacturers the loans they need to develop, to reinvest in their businesses to upgrade strategies and use the most cutting edge technologies," Gillibrand said.
Funding would also go towards job training and provide capital and technical assistance to boost exporting opportunities. Gillibrand is confident the act will gain support from both Democrats and Republicans.
