TROY – Senior Automation Alley Director Thomas Anderson recently provided testimony before the U.S. Financial Services Committee at the Improving Responsible Lending to Small Businesses hearing on December 1 at Lawrence Technological University.
Anderson was invited to testify by Congressman Gary Peters and provided comments on the critical issue of credit gap funding currently facing many emerging technology companies. He also discussed Automation Alley?s business accelerator and seed investment program and offered his thoughts on policies Congress should pursue to promote economic recovery.
?Being asked to testify before the United States House Financial Services Committee is quite an honor,? said Anderson. ?Through our technology business accelerator, Automation Alley has made 25 investments in Southeast Michigan based, technology-driven companies. These investments have garnered more than 150 new jobs, but we are still seeing credit struggles.?
Anderson provided examples, including a local company seeking operating capital to fulfill a multi-million dollar purchase order and another that has downsized and consolidated operations because of limited access to working capital.
Anderson stressed the need to increase available funding and local support for technology entrepreneurs, including:
Raising lending limits on SBA 7(a) and 504 programs from $2 million to $5 million and manufacturing company limits to $5.5 million
Increasing lending limits on the Microloan Program from $35,000 to $50,000
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