MILAM HAILS FEDERAL FUNDING TO BOOST SMALL BUSINESSES & MANUFACTURERS

Assemblyman Sponsored Resolution Calling on Governor to Seek Funding Help

Assemblyman Matthew Milam (D-Cape May/Atlantic/Cumberland) on Tuesday hailed New Jersey’s receipt of $33.8 million in funding to expand and create jobs and strengthen state programs that support lending to small businesses and small manufacturers.

The U.S. Department of Treasury awarded the funding through the State Small Business Credit Initiative as part of the federal Small Business Jobs Act of 2010.

Milam sponsored legislation (AR-124) approved 79-0 by the Assembly in November calling on the governor to apply for the funding.

“Any funding that will help create jobs and provide a much-needed boost to our economy is a huge boon for New Jersey,” Milam said. “As any small business owner knows, the current economic crisis has all but dried up lending. This money will help many credit-worthy small businesses and manufacturers obtain the loans they need to expand and create jobs and, as a result, support working families desperately in need of employment.”

Milam sponsored the resolution as part of his ongoing efforts to improve the state economy. He is also the sponsor of legislation (A-3792) signed into law in July that creates a payroll tax break, a measure that will deliver $190 million in savings this year for hardworking New Jersey residents.

“Small businesses are the backbone of our economy and when they have the ability to flourish, so do New Jersey’s working families,” Milam said. “This funding is just the boost everyone needs right now.”