WASHINGTON (Feb. 2, 2010)-The Motor & Equipment Manufacturers Association is renewing its call to Congress and the Obama administration to approve measures to help save nearly 686,000 motor vehicle parts manufacturing jobs in the U.S.
“Because of this industry's size and scope, the nation will not see a healthy vehicle manufacturing sector nor a full national economic recovery until motor vehicle parts suppliers see consistent access to credit restored and pathways to technology development opened,” said Bob McKenna, MEMA president and CEO, in a press release.
The auto parts industry reported more than 50 bankruptcies and 200 liquidations in 2009, according to Mr. McKenna. He quoted a Bureau of Labor Statistics report that stated the motor vehicle parts industry could lose another 100,000 jobs in the next decade.
To save auto parts jobs in the U.S., MEMA said, Congress and the White House must act to:
Ã²assure sufficient capital for industry restructuring, consolidation and diversification;
Ã²create technology funding programs to support long-term product development and innovation; and
Ã²pass legislation to expand the lending capacity of the Small Business Administration 7(a) loan program to $5 million from the current $2 million.
MEMA made its call for action on the eve of President Obama's announcement of a $30 billion plan to aid small businesses across the U.S. The president is scheduled to detail his small business plan later today in Nashua, N.H.