Today, Pennsylvania Congressman Patrick Murphy (D-8th District) joined local entrepreneurs to announce successes with Small Business Administration (SBA) loans under the American Recovery and Reinvestment Act, which provided funds to bolster small business lending when severe credit shortages threatened to bankrupt hundreds of thousands of small businesses nationwide. Over 60 small businesses in Bucks County received $23 million in Recovery Act loans, including Alien Fuel, Inc. and Elohim Cleaning Contractors. These funds were used to expand current business operations, hire new workers, and foster economic growth. The Recovery Act, which Congressman Murphy proudly supported, provided a $730 million injection of federal stimulus funds, including $375 million to boost SBA lending, guarantee lending amounts, and cut loan fees. These guarantees make loans more attractive to lenders, and free up much-needed capital for small businesses.
"The SBA loans that entrepreneurs like Robert and Sirena have put to work will continue to create jobs and move our economy forward- but we need to do more, which is why I'm fighting to pass improvements to SBA lending," said Rep. Patrick Murphy.
"SBA loans enabled my company to get off the ground and running- what started as a two-man business has grown substantially," said Robert Petrosky, owner of Alien Fuel, Inc. "What's more, our company has worked with contractors, plumbers, and engineers in the area, helping to get our local economy moving again."
"These loans have also provided the money to further our education in the solar industries, and helped us provide retraining for people who are out of work. Workers in declining industries can get training for the green jobs of tomorrow," added Alien Fuel, Inc. President Ed Bumm.
"While the process isn't perfect, the SBA loan enabled our company to put dozens of people to work- immediately," said Sirena Moore, president of Elohim Cleaning Contractors. "This loan has been a stepping stone for our company's future growth."
Small businesses represent more than 99.7% of all employers in America, and they are responsible for half of U.S. gross domestic product. Small businesses create up to 80% of new jobs nationwide, and there are more than 60,000 small businesses in the 8th District.