LaredoBuzz.Com

Small Business Bill Passes the House, Provides Critical Funds to Support Jobs

Washington, DC – Today, Congressman Henry Cuellar (TX-28) supported the Small Business Jobs and Credit Act to establish a new community bank fund worth $30 billion to increase lending to small businesses looking to hire and expand their operations.

“By providing this funding we can get credit flowing again to small businesses,” said Congressman Cuellar. “Small businesses are the backbone of our economy and this will extend to them vital capital through our economic recovery.”

The $30 billion fund will help banks leverage up to $300 billion in new loans for the nation’s small businesses. The initiative will provide much–needed liquidity in the face of tight credit markets, and will support new and existing state lending programs, in addition to funding a new program in the Small Business Administration (SBA) to finance early stage small businesses.

Included in the bill is legislation authored by Congressman Cuellar to ensure high-unemployment areas are taken into consideration when the new funds are available. Specifically, it designates the Treasury Secretary to consider how regions with unemployment figures exceeding the national average could benefit from the new lending that aims to support small businesses and create new jobs.

“As a former small business owner, I understand the need for credit to keep your doors open and support your employees’ jobs,” said Congressman Cuellar. “This funding will have a positive impact on our nation’s smaller employers and sustain and create jobs that support America’s families.”

The small business legislation has widespread support from the National Small Business Association, Small Business Majority, and the Independent Community Bankers of America (ICBA), representing nearly 8,000 community banks. If passed by the Senate and signed into law by the President, the bill would become law. According to the White House, the President supports the legislation.