Congressman Steve Kagen, M.D. is working hard to help small businesses secure access to the credit they need to help rebuild our economy. Today, the Senate voted to begin consideration of the "Small Business Lending Fund Act of 2010," including Kagen's job-creating "Loans for Main Street" amendment.
The procedural vote in the Senate moves forward the small business lending bill which passed in the House of Representatives last week. The bill would immediately expand lending opportunities to many credit-worthy small businesses at no cost to taxpayers.
"The focus of this bill is jobs, jobs, jobs. Privately-owned small businesses will create the jobs we need to work our way back into prosperity - if they have access to credit at a price they can afford to pay," Dr. Kagen said. "Small businesses are the economic engine of our recovery, and I join millions of small business owners and thousands of community banks in thanking the Senate for moving forward on this jobs bill."
Small Business Lending Fund Act of 2010 will help small businesses expand through investments in states and small banks that focus on lending to local small businesses. It also lowers the capital gains taxes on small business investments, and increases tax deductions to help entrepreneurs recover more start-up expenses.
This legislation, which expands much-needed lending to small businesses and offers tax incentives to help small businesses grow, is fully paid for and will save taxpayers $1 billion over the next ten years.