The Senate Appropriations Committee passed the Financial Services Appropriations Bill, which provides $107 million in additional funding for the Small Business Administration (SBA) and its small business programs that will benefit America's entrepreneurs late Thursday. Senators John Kerry (D-Mass.) and Olympia J. Snowe (R-Maine), the Chairman and Ranking Member of the Senate Committee on Small Business and Entrepreneurship, worked with the leaders of the Appropriations Committee to secure the funding increase for the SBA's core small business programs of approximately 45% over the President's request for 2009. The bill increases funding for Small Business Development Centers by 24%, Women's Business Centers by 13%, microloans to $20 million from zero, contracting assistance by 87%, and veterans outreach programs by 62%.
"I applaud the Appropriations Committee, and especially Senator Durbin, for securing this funding for the small businesses which create good jobs in our country," said Senator Kerry. "The sluggish economy is making it very hard for small businesses to access the capital and counseling they need to succeed, and this additional funding will help create jobs and boost our economy."
"I am pleased that the Appropriations Committee, and in particular Financial Services Subcommittee Chairman Durbin and Ranking Member Brownback, had the foresight to provide the additional funding to the SBA that we requested earlier this year," said Senator Snowe.
"During these challenging economic times, it is critical that the SBA is provided the resources necessary to help small businesses create new or improved products and services, which ultimately translates into thousands of jobs."
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