The American Cord & Webbing Co. welcomed the nation's Chief Executive to their plant in Woonsocket, RI, on Oct. 25. According to company president and owner Mark Krauss, "ACW is proud and honored to have been chosen to represent fellow manufacturers and businesses in Rhode Island and throughout the country, as an example of how companies develop strategies to reinvent themselves in challenging times."
Addressing the workers, President Obama said: "When I tour plants like this it makes me optimistic. It took us a long time to get us into this economic hole that we've been in. But we are going to get out and I am absolutely convinced there are brighter days ahead for America."
ACW, started in 1917, is a third generation company that manufactures woven textiles such as webbing, and injection molds plastic for fasteners. ACW sells to a variety of military and commercial markets. "In the past 5 years, our strategy has focused on broadening our customer base and developing new items and applications", says Krauss. "Our staff has worked extremely hard to accomplish these goals", he emphasized. "The President's visit was a great opportunity for ACW to showcase its abilities and American know-how."
American Cord & Webbing is saving more than $9,000 from SBA Loan provisions. Thanks to fee waivers extended by the Small Business Jobs Act, ACW was able to get approved for a SBA 504 loan and save over $9,000 in fees. The Small Business Jobs Act allows small businesses across the country to take advantage of an extension of Recovery loan provisions that increase 7(a) guarantees and temporarily eliminate certain fees on 7(a) and 504 loans. Already, SBA has approved over 3,600 Jobs Act loans representing $1.4 billion.
President Obama said that under his administration, small businesses had received tax cuts to encourage hiring of unemployed workers, invest in new equipment and provide health insurance to employees.