Dec 17 2007

Shelby Announces Financial Services Funding for Alabama

U.S. Senator Richard Shelby (R?Ala.), a member of the Financial Services Appropriations Subcommittee, today announced funding for projects in Alabama included within the fiscal year 2008 Financial Services Appropriations bill.  The bill is included in the Consolidated Appropriations Act, 2008 and will soon be voted on in the House of Representatives.  The Senate will consider the bill following approval by the House of Representatives. 

University of South Alabama, Mitchell College of Business Library and Career Center - $250,000

The Mitchell College of Business will use this funding for its new library, reading room, and career resource office.  The University has raised $1.4 million in private donations for this project.

“A well stocked library is a critical resource for students,” said Shelby.  “The University of South Alabama’s Mitchell College of Business has consistently shown that they train the leaders of tomorrow.  The library will help students equip themselves with the knowledge they need to be successful in the business world.”

University of Alabama, Culver College of Business, Alabama Entrepreneurial Research Network (AERN) - $250,000

The AERN works to enhance small business development and entrepreneurial activities in rural Alabama. 
“Small businesses are the engine of our nation’s economy,” said Shelby.  AThis important program provides entrepreneurs with the skills, knowledge, and resources necessary to identify and leverage opportunities to create new businesses.  The AERN will target counties with a declining population, low business start-up rates, and stagnant economies.  A program that encourages local business formation is a tool for substantial, long-term economic improvement.”

Alabama Small Business Institute of Commerce (ASBIC)- $200,000

The ASBIC is a non-profit corporation that partners with Alabama colleges, universities, and other organizations to encourage economic development, increase employment, and reduce business failure in Alabama through education and workforce training. 

“The ASBIC supports and funds Alabama colleges, universities, and other organizations that provide workforce training,” said Shelby.  “In turn, the entities supported by ASBIC then assist Alabamians with small business development and additional training programs.@   

Alabama A&M University Research Institute Small Business Development and Training - $200,000

The Alabama A&M University Research Institute (AAMURI) Small Business Development and Training Initiative provides training to North Alabama small businesses in proposal writing, compliance, materials management and accounting, and information technology.             

“Building small businesses develops companies that can serve the needs of our nation in various areas, including national security and information,” said Shelby.  “North Alabama’s defense and technology sectors are already some of the strongest in the nation. This project will create more jobs and prepare workers for these important industries.@

Shoals Entrepreneurial Center Network Renovation - $200,000

The Shoals Entrepreneurial Center has helped to start more than 108 businesses that have created 1,300 jobs.

“The Shoals Entrepreneurial Center is the lead entity in new business start-ups and job creation for the Shoals area,” said Shelby. “The improvements and added capacity created through funding assistance will allow the Center to continue its proven track record of job creation and provide opportunities for economic expansion in an area of the state where the economy continues to struggle.@