Committee Approves Carson Amendment

WASHINGTON, D.C. - An amendment authored by Congressman André Carson was included in legislation to spur small-business lending. The bill, which was approved by the House Financial Services Committee, will create a Small Business Lending Fund to be administered by the Secretary of the Treasury.

Carson's amendment requires banks who participate in the program to include women- and minority-owned businesses in their outreach and advertising. Carson's amendment also calls on the Treasury Secretary to file a report detailing the number of women- and minority-owned businesses that receive assistance from the fund.

"This amendment is vital to create a level playing field for all American business-owners," said Carson. "Bringing more businesses to the table to actively participate in this recovery means a stronger and quicker economic comeback for America. That's why it's so important to make sure our minority- and women-owned businesses know about the opportunities presented through this small business loan fund.

"The potential for growth is there in our women- and minority-owned firms. In fact women have been launching new enterprises at twice the rate of men, and these firms are adding jobs and bringing in revenue at a rate that is outpacing our current economic growth."

The Small Business Lending Fund will be a temporary fund for banks having total assets of $10 billion or less. Only banks that have not received TARP money will be eligible to receive capital investment from the fund.