Obama signs Small Business Jobs Act: Albany business reacts - WALB.com, South Georgia News, Weather, Sports

Obama signs Small Business Jobs Act: Albany business reacts

By Tayleigh Davis - bio | email | twitter

ALBANY, GA (WALB) - President Obama signed the Small Business Jobs Act into law Monday. It provides $30 billion for loans to small businesses.

The goal is to encourage businesses to expand and hire more workers. Mark Grimaldi, owner of Equinox Chemicals, wouldn't have been able to operate his business as well as he does without small business loans from the government.

This year, SBA loans helped Grimaldi purchase buildings and land. He now has 38 acres available for expansion.

Tanks on his property process chemicals, flavors, and fragrances for industrial consumer products. Grimaldi says without these loans, expansion would have been impossible.

" We have essentially quadrupled the size of our facility and production lines that were weren't able to do previously," said Grimaldi.

The legislation also includes $12 billion in tax breaks for small businesses. Eligible businesses can write off $500,000 for buying new equipment. For more information on the Small Business Act, visit the White House website here.

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