News Release
« BackMetalworking Association Executive Urges Senate to Improve Access to Credit for Manufacturers
Tuesday, October 20, 2009
Many small and medium-sized manufacturers (SMMs) continue to face challenges accessing traditional forms of credit, often being referred to as “unbankable” due in part to their customers’ poor health.
Rob Kiener, director of marketing and communications for the Precision Machined Products Association (PMPA), took the metalworking industry’s concerns to Capitol Hill on October 9, testifying before the Senate Banking Committee’s Subcommittee on Economic Policy.
Kiener told the subcommittee that “surveys of metalworking manufacturing companies estimate that roughly 75 percent of these businesses cannot secure credit for day-to-day operations, equipment acquisition and expansion…as the economy picks up and we see an increase in job orders, will manufacturers be able to have the capital they need to invest in employees, equipment and raw materials? If not…we will lose those jobs to overseas manufacturers…”
Find a copy of Kiener’s testimony as well as a video link from CSpan here.
NTMA/PMA One Voice also has been working directly with the Obama Administration and members of Congress to solve the ongoing credit crisis. One Voice Government Affairs Team Chairman Jim McGregor, McGregor Metalworking Companies, led the Manufacturing Council’s efforts in crafting proposals to help alleviate the credit problem. These proposals have been delivered to Commerce Secretary Gary Locke.
One Voice also conducted a new survey of metalworking companies to gather additional data on the how the credit situation is currently affecting SMMs. The survey results will be delivered to Administration officials and members of Congress within the next week.
Next Story: Small Manufacturers Applaud Obama Plan to Help Small Businesses Access Credit