We hope South Carolina’s U.S. Sen. Tim Scott doesn’t get battered and beaten for consorting with the enemy the way fellow U.S. Sen. Lindsey Graham has in past years, but Scott, a Republican, is to be commended for joining Delaware’s Democrat Sen. Chris Coons and Colorado’s Republican Sen. Cory Gardner for introducing legislation that is aimed at increasing investment in the country’s small manufacturers.
Some things, you see, really ought to be bipartisan and America’s ability to help small business grow is one of those.
SIGMA — or Strengthening Investment to Grow Manufacturing in America Act — has at its crux supporting manufacturers through more affordable loans, incentives for operation growth, and expanding financial resources and education assistance to small manufacturers. U.S. Reps. Tim Ryan, D-Ohio, and Tom Reed, R-N.Y., introduced companion legislation.
A press release issued Tuesday by Scott’s office noted the loan programs will assist small businesses by providing federally guaranteed loans for businesses. These, along with the Small Business Investment Company, “provide investment in America’s start-up manufacturers and growing businesses that have limited access to cash reserves,” the release noted.
Also of note is where the SIGMA Act is directed in that it puts additional investment in “small manufacturing businesses in low- or moderate-income areas, rural areas, areas of high unemployment, and those that are veteran-owned, minority-owned, woman-owned, or are important to national security.”
“Having been a former small business owner and entrepreneur, I understand the challenges that many across our nation face when trying to start a business and build their American Dream,” Scott said in the release. “By investing in, and providing our manufacturers and innovators with access to, necessary resources, we are advancing our communities and creating more jobs for Americans.”
Coon echoed the need for SIMGA: “Small manufacturers provide an outsized role in growing the U.S. economy and are vital links in the domestic industrial supply chain. This bill will help our small manufacturers secure adequate lines of credit so that they can expand their businesses, create new jobs, and continue to support U.S. economic growth.”
At a time when there seems to be greater support for a wall dividing the two sides of the U.S. Senate and House as opposed to a wall dividing the U.S. from Mexico, it is refreshing and good to see sensible, forward-thinking bipartisan legislation making its way through Washington, D.C.