Carson Votes to Create Jobs, Boost Small Business Growth
October 30, 2009
October 30, 2009
Washington, D.C. – Congressman André Carson issued the following statement after voting to pass the Small Business Financing and Investment Act, which will create new jobs and stimulatethe economy by providing small businesses with access to the loans and investment dollars they need to expand and grow their operations.
"Small businesses are the primary drivers of job creation in Indianapolis and across the country" said Congressman Carson. "With so many Hoosiers struggling to find work in this difficult economic climate, promoting small business growth remains one of the best ways to get people back to work and grow our local economy for the long term.
"This legislation will help renew the entrepreneurial spirit that has guided economic opportunity for generations in this country, and it will provide business owners with the financing they need to achieve future growth and prosperity. By opening up more avenues for investment and creating incentives for small businesses to grow, we will put 1.3 million Americans back to work and support innovation that will drive economic success in our communities."
More information on the Small Business Financing and Investment Act
Small businesses create 60 to 80 percent of new jobs every year, but the current economic crisis has frozen credit and made it difficult for American small businesses to get the financing they need. By comprehensively updating the Small Business Administration's capital access programs, the legislation is expected to support $44 billion in lending and investment for smaller firms.
The legislation will increase the size of loans to better meet businesses' needs. It also includes incentives to encourage local banks to lend to small businesses and reduces bureaucratic red tape, making it easier for entrepreneurs to secure credit. The bill creates a new public/private partnership to expand investments in small business startups – an important source of job creation. It also extends critical Recovery Act provisions eliminating fees on Small Business Administration loans and guaranteeing up to 90 percent of 7(a) loans. To foster a diverse mix of businesses, it takes steps to promote veteran-owned, women-owned and rural small businesses.
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