CONGRESSMAN CUELLAR VOTES TO CREATE JOBS AND SAVE SMALL BUSINESSES
Written by admin, Oct 30, 2009, 0 Comments
Bill includes $44 Billion for Small Business Investments
Washington, DC – Congressman Henry Cuellar (TX-28) today voted for the Small Business Financing and Investment Act, a bill to make sweeping investments in the nation’s small businesses so they can expand hiring and save or create 1.3 million American jobs.
“Small businesses are the backbone of our nation’s economy and they are the number one source of our country’s new jobs,” said Congressman Cuellar. “By making this $44 billion investment in America’s small businesses, we work to keep their doors open and help Americans get back to work.”
Passing by a vote of 389 to 32, H.R. 3854 is the most comprehensive update to the nation’s Small Business Administration’s (SBA) lending program for the first time in ten years. The bill would allow small businesses that are “major employers” in an area to apply for loans as high as $25 million and conventional SBA loan sizes would increase by 30% to $3 million.
By reducing paperwork and modernizing SBA’s lending procedures, the bill makes program participation easier and increases loan sizes for the nation’s small businesses so they have access to more capital.
“At a time when many small businesses are feeling squeezed, these loans will deliver much needed relief,” said Cuellar. “Capital in the middle of a recession is an indisputable lifeline to our corner shops, local restaurants and other small businesses who are struggling right now.”
The Small Business Financing and Investment Act, worth $44 billion, will help the SBA act as a matchmaker between lenders and businesses in a time of tight credit, and will allow the SBA to step in and provide more capital as many private lenders have cut back on lending.
The bill also provides tools to help veterans start their own businesses and creates a Rural Lender Outreach Program to increase loans to rural entrepreneurs.
If passed by the Senate and signed by the President, H.R. 3854 would become law. For more information please visit: http://frwebgate.access.gpo.gov/cgi-bin/getdoc.cgi?dbname=111_cong_bills&docid=f:h3854rh.txt.pdf
