In Greece, Senator Kirsten Gillibrand announced a bill she hopes will help small businesses expand without moving overseas. The Scale-Up Manufacturing Investment Company Act of 2015 would set up a federal loan program through the Small Business Administration.
That money would be used by pre-approved venture capitalists to invest in small and growing US businesses. Gillibrand says the bill could help advanced manufacturing in Rochester, especially following the federal grant to set up a Photonics Institute here.
"We expect significant research and development to follow this investment, and SUMIC Act will make sure that we have the federal resources in place to help this initiative and innovative environment grow."
Interest and profits received from these investments would be absorbed back into the program to offset costs. Gillibrand says that Small Business Administration decides which investment companies can access the loans.
