House Approves Small Businesses Lending Bill

House Approves Small Businesses Lending Bill
Carson authors amendments to increase access to capital for small businesses

WASHINGTON, D.C. - After months of Republican obstruction in the Senate, Congressman André Carson today joined in voting to approve the Small Business Jobs Act to spur small-business lending and grow America's economy.

"America's small businesses have been waiting too long for this bill," said Congressman Carson. "While politics were being played by Senate Republicans, too many small businesses have gone without access to the capital they need to expand or, in some cases, keep their doors open."

Included in the bill is language authored by Congressman Carson that increases the opportunities for women- and minority-owned businesses. His language requires banks who participate in the loan program to include women- and minority-owned businesses in their outreach and advertising. It 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.

"Our country's economic comeback is dependent on the success of our small businesses," said Congressman Carson. "That is why it is so important to make sure our MBEs and WBEs know about the opportunities available to them. By providing more support for business owners and bringing more of them to the table to actively participate in this recovery, we can continue moving our economy forward."

The legislation establishes a $30 billion fund to increase lending to small businesses looking to hire and expand their operations by providing additional capital to community banks. The bill also provides about $12 billion in tax breaks over a decade to both large and small businesses and bolsters the Small Business Administration's lending programs.

The bill now goes to the president for his signature.

###