Small business owners in Wisconsin are optimistic that legislation signed into law by President Obama on Monday will help them grow.
The bill signed by the President creates a $30 billion fund to help small businesses expand and hire more employees. Wisconsin Small Business Administration District Director Eric Ness says a lot of employers have been waiting for this to happen and he expects loan volume to increase significantly because of the bill.
The measure creates tax cuts for businesses and lifts a cap on borrowing, making it possible for businesses to borrow up to $5 million. Ness says that creates better conditions for many businesses that have been waiting for extra capital.
Critics argue the fund uses taxpayer dollars to keep small businesses afloat. State Republican Party chairman Reince Priebus says it’s “too little, too late” and simply adds to the financial burden being created by Democrats and President Obama.