Senator Coons helps introduce small biz-friendly bill

On Wednesday, U.S. Senator Chris Coons introduced legislation to keep small manufacturing businesses not just in Delaware, but in the United States as a whole.

If passed – the “Scale-Up Manufacturing Investment Company” or SUMIC Act of 2015, would increase the amount of funding available for entrepreneurs looking to ramp up their manufacturing operations.

The bill would allow private investment firms to loan government funds to smaller companies that want to expand.

We’re told that any interest, profits, or fees generated as a result of the loans would be used to fund the program.

Senator Coons’ camp argues that the lack of such funding has pushed entrepreneurs to move manufacturing operations abroad to save money, resulting in the U.S. losing out on high-paying and highly-skilled jobs.