2010

Friday, January 15, 2010

Contact: Laura Smith, Office of the Governor, 608-261-2162

Governor Doyle Asks U.S. Treasury to

Help Free Up Credit for Small Businesses

Joins Other Midwest Governors in Urging Quick Federal Action

MADISON – Governor Jim Doyle today joined Governors Jennifer Granholm (MI), Ted Strickland (OH), Ed Rendell (PA) and Pat Quinn (IL) in sending a letter to U.S. Treasury Secretary Timothy Geithner urging quick federal action to help manufacturers and small businesses get access to much needed credit, stabilizing their businesses and protecting jobs. The Governors asked Secretary Geithner to schedule a conference call or meeting to discuss a specific proposal from the Governors as well as other options.

“Through President Obama’s leadership we have brought our national economy back from the brink,” Governor Doyle said. “But we need to ensure manufacturers and small businesses have access to credit as our economy recovers and they look to expand and create jobs. The inability for small businesses to access credit is a real obstacle to a national economic recovery, and it is something we must work together to overcome.”

Despite economic progress, many businesses – particularly manufacturers and small businesses – are still having difficulty accessing credit from financial institutions. Due to the credit freeze, businesses are experiencing reduced cash flows and undervalued collateral.

The Governors proposed making federal funds available to leverage private loans for businesses from financial institutions. Through a partnership with states, financial institutions would be able to identify manufacturers or small businesses they would like to be in business with, perform the appropriate underwriting and due diligence, and then access needed resources from state-level intermediaries. This would mitigate risk and increase lending, helping preserve and create jobs in manufacturing and small business.

“It is clear that while recovery will not happen overnight, we as a nation are coming back from the brink of disaster,” the letter reads, in part. “But we cannot fully recover if manufacturing does not regain its place in the U.S. economy as the employer of the great American middle class.  The United States cannot fall behind as other countries who invest in manufacturing gain an advantage in critical emerging sectors like energy systems and medical device manufacturing. To ensure the long-term strength of this bedrock, job-providing sector of our economy and to prevent further job loss, we strongly urge that we work together to identify ways to solve the credit access issues our manufacturers currently face.”

Copy of Governors' Letter to Secretary Geirhner                             Copy of Access to Credit White Paper

Preliminary Broadband Survey Results Available

May 27, 2009 - Kimberly Errigo [kimberlyerrigo@gmail.com]

June 2008 brought devastating rains and flooding to 30 counties in Wisconsin. The one-year anniversary of the June flooding offers a tremendous opportunity to speak to the continued needs of the disaster survivors.
 

Project Recovery, a FEMA funded Crisis Counseling Program, is still working in impacted communities to support flood survivors in their process of recovery. We are available to help community members better understand their current situation and reactions, provide emotional support, and encourage linkage with other resources and organizations.

Due to your position in the community, you may interact with individuals who have suffered in the flooding. We would like to share two facts that we know about this anniversary time:

• Stress levels may increase around the anniversary time. This is normal. Flood survivors should make sure to practice good self-care. Community members should be attentive to the needs of children, elderly, and marginalized individuals.

• Remembrance celebrations and commemorations help both individuals and communities heal. Not everyone is ready to commemorate the anniversary of the 2008 floods — a crisis that changed lives and our community forever. However, it should not go unrecognized either. Consider joining with others to plan an event. We can help you with this if you would like additional support.

If you are interested in further information about the long-term recovery process, consider inviting a representative from Project Recovery to speak to your organization. Project Recovery representatives are available to address churches, civic organizations, school personnel and other groups and can present to either adults or children. These presentations cover the different phases that individuals, families and communities go through in the aftermath of a natural disaster. Having an understanding of this process allows communities to continue to assist and encourage one another. There is no charge for a presentation. For more information contact Gil Hoel, Project Recovery Team Leader at 608-834-4444.