Kratovil Backs Small Business Lending Fund Act; Will Increase Loans to Small Businesses to Speed Economic Recovery
Press Release
Today, Rep. Frank Kratovil supported legislation to help increase small business lending and ensure that entrepreneurs have access to the credit and capital needed to grow and create jobs. Kratovil voted in favor the Small Business Jobs and Credit Act, which will create a new $30 billion lending fund for small businesses. The bill is fully paid for and is expected to save taxpayers $1 billion over the next ten years.
"Helping small businesses grow and expand is the best way to create jobs and speed our economic recovery," said Rep. Kratovil. "This legislation seeks to address one of the most frequent concerns that I hear from small business owners and entrepreneurs--that they simply can't get a loan. Small businesses are the most reliable source of job creation; this billgives them the tools they need to keep their doors open, continue to hire, and continue to be the engine of our economy."
The Small Business Jobs and Credit Act will help small businesses expand through investments in states and small banks that focus on lending to local small businesses. This new lending fund, with tough performance-based incentives and safeguards to ensure that funds go to American small business, will spur job creation across America. The bill will also help cultivate American innovation through a new public-private partnership designed to channel early stage investment capital to promising new start-ups. 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.
The Small Business Jobs and Credit Act has been endorsed by a variety of organizations, including the National Small Business Association, the Small Business Majority, National Association of Realtors, the Conference of State Bank Supervisors, Biotechnology Industry Organization and the Independent Community Bankers Association.
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