Rep. Israel, D’Addario Bring The Jobs Home

| May 29, 2012 | 0 Comments
Rep. Israel, D’Addario  Bring The Jobs Home

Rep. Israel, D’Addario Bring The Jobs Home

On February 27, Congressman Steve Israel (D-NY) visited D’Addario & Company in Farmingdale NY to announce the “Bring the Jobs Home Loan Act,” allowing the Small Business Administration (SBA) to offer loans to help manufacturers bring production back to the United States for products that they are currently manufacturing overseas. The loan program encourages the investments necessary for re-shoring, and provides assistance for manufacturers to deliver technical, skilled training to employees.

For the past two years, manufacturing companies have added jobs, according to Bureau of Labor Statistics. And, with government payrolls shrinking and fewer financial services jobs available, manufacturing employment has played an important role in keeping the economy growing. Until last year, there had not been a single year when manufacturing employment rose since the 1990s.

Israel’s legislation will encourage manufacturers to continue this trend by reducing capital costs and providing a cash flow to businesses that are re-shoring. To allow for greater flexibility, the bill will give discretion over the grant program and the amount of the loans to the SBA Administrator. Within two years of receiving a loan, manufacturers must report back to the SBA what facility or equipment changes have been made and which products are being produced in the United States that had previously been produced abroad.

Rep. Israel was joined by Jim D’Addario, CEO of D’Addario & Company.

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