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Mon November 14, 2011
Dems call for hiring tax break, credit help for small businesses
Democrats in Lansing have outlined a package to help small businesses grow and hire unemployed people.
The plan includes taking a portion of the money that’s in a state trust fund and investing it in local banks and credit unions to make small business loans.
State Representative Vicki Barnett said that will help small businesses having trouble getting credit from larger banks and investment funds.
“We know that a very teeny investment can have huge dividends in terms of job creation and access to capital,” said Barnett.
“There is no other state that I know of that is taking this approach to aggressive investment – doing things they already do with taxpayer money and targeting it to grow jobs in their own state,”she added.
The Democratic package would also allow small banks and credit unions to pool their finances to invest in larger projects.
Barnett says that would make larger loans possible while allowing the institutions to share the risk.
The plan also calls for a tax credit for small businesses that hire long-term unemployed people and veterans.
Republicans shy away from job creation credits. They say the state should not single out specific businesses for tax breaks.