Rep. Anna G. Eshoo (D-Palo Alto) voted today to generate and save more than a million American jobs through H.R. 3854, the Small Business Financing and Investment Act. The bill, which passed the House 389-32 , enhances lending opportunities for small businesses, the source of 60-80% of new jobs every year, and will help open tight credit markets which have been particularly hostile to such businesses during the economic downturn.
"As we work to emerge from this recession, it is essential that we support our small businesses, the backbone of our country's jobs and economy, and its greatest source of innovation," Rep. Eshoo said. "This legislation will give these businesses the lending they require to thrive."
The American Recovery and Reinvestment Act has already supported $9 billion in new small business lending since its passage. H.R. 3854 overhauls the Small Business Administration's capital access programs, extending key provisions in the Recovery Act, and will support an estimated $44 billion a year in lending and investment for smaller firms. It also increases available loan sizes, encourages local banks to lend to small businesses, and expands the Small Business Administration's ability to facilitate loans.
"The 14th Congressional District is famous for its innovative small businesses. The products they create and manufacture have literally changed the world. The loans offered in this bill will help ensure that these businesses, and others like them, remain viable and that our District remains a well-spring of innovation. I'm proud to support H.R. 3854."