This week the House of Representative passed two key Small Business bills, H.R. 5297, the Small Business Lending Fund Act of 2010 and H.R. 5486, the Small Business Jobs Tax Relief Act. Congresswoman Yvette D. Clarke, a cosponsor of the lending fund bill, released the following statement:
"These two bills would expand much needed lending to Brooklyn's small businesses and offer tax incentives to help small businesses grow, hire, and fuel Brooklyn's local economy. This is a positive step towards creating better lending opportunities for the over 11,000 small businesses Brooklyn's. I am proud to have joined my Congressional colleagues in addressing the challenges that our small business owners continue to face," stated Rep. Yvette D. Clarke.
The bills will:
* Leverage up to $300 billion in loans for small businesses through a $30 billion lending fund for small and medium-sized community banks, which focus on lending to small firms, and $2 billion for innovative state lending programs supporting small business;
* restart private investment to meet small businesses' evolving financing needs through a new SBA public-private partnership; and
* provide $3.5 billion in bipartisan tax incentives to spur investment in small businesses and the formation of new small businesses, and grant small business tax penalty relief.
"I will continue to fight to ensure that small businesses in the 11th Congressional District of New York have the resources they need to succeed. I urge the Senate to act quickly to pass legislation to help small business access capital. The federal government must continue to play a unique role in assisting small businesses, as they are the backbone of our nation's economy," concluded Congresswoman Clarke.