Today, Rep. Betty Sutton (D-Ohio) voted in favor of legislation that will expand much-needed lending for small businesses and create hundreds of thousands of jobs. The Small Business Lending Fund Act, H.R. 5297, will help small businesses expand through investments in states and small banks that focus on lending to local small businesses, including 923,021 small businesses in Ohio.
Through tough performance-based incentives and safeguards to ensure that funds go directly to American small business, the new lending fund will spur job creation across America. The legislation will also help cultivate American innovation through a new public-private partnership designed to channel early-stage investment capital to promising new start-ups.
"This legislation is another part of our ongoing effort to create jobs and put our economy on sound footing for the future," said Rep. Sutton. "Last year, almost half of the small businesses that wanted to expand could not because the banks were not lending. That is unacceptable. Main Street must be supported as we work to recover from the failed policies of the past and the recession."
Earlier this week, Rep. Sutton voted in favor of the Small Business Jobs Tax Relief Act, H.R. 5486, which will offer tax incentives to help America's small businesses grow by spurring immediate investments in them. Together, these two bills are fully paid for and will save taxpayers $1 billion over the next ten years by closing existing tax loopholes.
Together, these reforms will lower the capital gains taxes on small business investments, and increase tax deductions to help entrepreneurs to recover more start-up expenses.
"Ohio's small businesses will continue to be the engine of our economic recovery," said Rep. Sutton. "Small businesses have created two-thirds of the new jobs over the last 15 years, and these measures will give small businesses the capital they need to put Ohioans back to work and drive job creation and innovation."