NEW: Cicilline Tours Local Business, Praises American Jobs Act
Thursday, September 29, 2011
Congressman David Cicilline and U.S. Small Business Administration (SBA) Regional Administrator Jeanne Hulit praised two Rhode Island small business owners on their success using SBA loans to create jobs and help strengthen the Rhode Island economy.
Stephen Sangermano and Dan Faucet, owners of Wide World of Indoor Sports (WWIS) in North Smithield, received a $1.7 million SBA 504 loan and a $654,000 SBA 7(a) loan to build their indoor sports facility, which created approximately 80 full- and part-time jobs. Sangermano and Faucet are preparing to open a second facility in Rhode Island, and Congressman Cicilline and Administrator Hulit met yesterday with the owners to hear how certain provisions of the President’s American Jobs Act would help WWIS create even more jobs in the state.
“We need to get capital in the hands of Rhode Island small businesses, the proven job creators and backbone of our economy," Cicilline said. "Many provisions in the American Jobs Act when coupled with successful SBA programs, like the 7(a) and 504 loans, will be a welcome shot in the arm for entrepreneurs and existing small businesses seeking to expand and create new jobs. In part, the American Jobs Act would help put more dollars in the pockets of employees and consumers, and help our small businesses recover and grow."
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe American Jobs Act includes provisions to help entrepreneurs and small businesses, like Wide World of Indoor Sports, grow and create new jobs. The Act would provide tax credits for businesses that hire workers who have been unemployed for six months, unemployed veterans, and service-disabled veterans. In addition, the legislation would cut small business payroll taxes in half for the 98% of firms with payrolls of $5 million and below, while also temporarily eliminating employer payroll taxes for small businesses that create jobs. These provisions would help small businesses like Wide World of Indoor Sports hire more workers and boost Rhode Island’s economic recovery.
“With the help of the SBA, we plan to pursue another 504 loan to open a second facility here in Rhode Island, and the tax credits for new employees that would be made available through the American Jobs Act would help us create more jobs,” Sangermano said.
