(Washington,
D.C.) – Today, U.S. Senator Patty Murray (D-WA), a senior member of the Senate
Appropriations Committee, announced that she has included funding to boost
economic growth throughout Washington state in the Fiscal Year 2011 Financial
Services and General Government Appropriations bill. The funding will go to
support business growth in Washington state communities.
“Creating
jobs in Washington state means investing in resources that support the
development and growth of business in our own backyard,” said Senator Murray. “These
investments will help boost job creation in emerging clean energy industries,
help local companies increase the number of products they export, and encourage
investments in start-up businesses that are the driving force of our economic
recovery. I’m proud to have secured this support for our businesses and I’m
committed to continue supporting investments that address the needs of
Washington state communities.”
Having
passed the Financial Services and General Government Subcommittee, the bill now
goes to the full Senate Appropriations Committee before being considered by the
full Senate.
Sirti
Foundation Growth Fund – $500,000
Spokane
– The Sirti Foundation would receive
funding for a proposal that combines public and private
financing in the forms of debt, grant and equity with business development
coaching services for emerging companies through every aspect of starting a
technology company. The Sirti Foundation Growth Fund utilizes grant and
revolving loan fund dollars in order to stimulate and create globally
competitive clean energy technology products, services and jobs and will help
create economic growth in eastern Washington.
“The
previous Sirti Technology Growth Fund was designed to promote economic growth
by closing the gap in funding for start-up, emerging and expanding
technology-based companies in the Inland Northwest,” said Kevin Cable, President of
the Sirti Foundation Board.
“With
widespread challenges in the credit market, the fund has proven to be a
critical source of growth capital for our area’s innovative companies. We have
loaned over $3 million to ten companies, with a combined 27 patents assigned or
pending, to launch their products or expand sales. Every company in the
portfolio has secured strategic sales and partnership agreements. Through 2009,
23 additional technology jobs have been created and 47 technology jobs have
been preserved. The economic impact has just begun to be felt for phase I, it
is essential that we expand the program to include the entire State of
Washington in sharing the positive economic benefits,” added Cable.
National
Center for Economic Vitality – $300,000
Bellingham
– Western Washington University would receive funding for the
National Center for Economic Vitality that is focused on preparing and
assisting start-up businesses to stabilize and grow. This funding will help
support business development and job growth by attracting new investment into local
communities in Washington state.
“The
creation of the National Center for Economic Vitality will make a very positive
difference for small business nationally, just as the program has worked
successfully in Washington state for many years. This concept differs from the
traditional approach of communities spending resources to attract new
businesses, but rather, provides expertise to local economic development
practitioners who in turn work with existing businesses to maintain and grow
local jobs. This program and concept is a new economic development approach
that needs national direction and leadership,” said Bruce Shepard, President,
Western Washington University.
Washington
BRIC Export Initiative – $200,000
Seattle/Tacoma
– The International Trade Alliance would receive funding for a program that
seeks to actively increase exports by Washington companies through direct
exposure to the BRIC markets (Brazil, Russia, India and China) and the support
services to successfully negotiate international deals. The BRIC Export
Initiative proposes to leverage the region’s sustainable energy and clean
technology innovators, along with more traditional manufacturers and service
providers to position them to be leading exporters to BRIC countries and
strengthening their global competitiveness and create economic growth in
Washington state and the nation.
“If
more U.S. companies chose to engage international and worked to expand their
markets and marketing—rather than focusing on cost-reduction and cutting their
way to profitability—the U.S. economy would likely be in much better shape,” said Mark Peters, CEO of the
International Trade Alliance.
English 
Spanish