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Small Business Lending Fund Act Of 2010 -- Resumed

Floor Speech

By:
Date:
Location: Washington, DC

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Ms. STABENOW. Will the Senator yield?

Mrs. LANDRIEU. Yes.

Ms. STABENOW. I thank the Senator from Louisiana for her tireless advocacy and leadership in getting us to this point, because this is absolutely critical for small businesses, certainly in Michigan and across the country. I know we talked about it before.

Isn't it true that when we look at job growth--and this is a jobs bill, I am sure the Senator agrees--small businesses are creating the jobs? Would she not agree, as well, that when we look at manufacturing in my State, the suppliers are small businesses? So what we are talking about here is growing jobs. Would the Senator agree and speak about the fact that this is about jobs, about the fact that the majority of the jobs are coming from small business, and these are the folks who didn't cause the financial crisis, and they didn't create the recklessness on Wall Street? They got hit by it, along with our community bankers who didn't cause it; would the Senator agree?

Ms. LANDRIEU. Absolutely, this is a jobs bill. The Senator from Michigan represents a State that has been one of the hardest hit States, the automobile industry. She has firsthand experience there. She knows these numbers as well as I do: From 1993 to 2009, 65 percent of jobs have been created by small business, and only 35 percent of the jobs were created by big business.

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Ms. STABENOW. Mr. President, I thank the Senator, the chair of the Small Business Committee, for her leadership and her passion.

I could not agree more. We have to focus on jobs. When you support small business, both the underlying bill and the changes, in terms of tax cuts for small business, as well as this provision, this is a great opportunity for us to support small businesses in this country, where the majority of jobs are created.

Every time I go home, as the Senator from Florida mentioned, I am approached by small businesses that cannot get capital and cannot get the loans they need or get their line of credit extended. This is absolutely critical for us.

In addition, I thank Senators KLOBUCHAR and LEMIEUX for their export promotion piece, which is equally important. When we look at opportunities for small business and the opportunity to support their efforts to sell their products overseas in a global economy, this is also about creating jobs. I had the opportunity not long ago to be in Beijing, China, at the global auto leaders summit. I heard from people with the Foreign Commercial Service that they needed more assistance. If they had more staff, they would be able to support more businesses being able to sell into China.

We want, in this global economy, to be exporting our products, not our jobs. So focusing on exports and supporting what the President has called for--doubling exports in the next 5 years--creates jobs as well.

I again thank Senators KLOBUCHAR and LEMIEUX for their efforts on exports, and I thank Senator LeMieux and Senator Landrieu for the amendment as it relates to the lending authority. All of this adds up--all of this together, the underlying bill, with tax cuts, support for small businesses, which have seen collateral depreciate, and the efforts that we can provide to be able to support them to get loans through a collateral assistance program, the loan program, which is, in my judgment, a core provision, and then adding exports--all of it together is a jobs bill.

This is a fundamental jobs bill for small businesses all across the country. I urge colleagues to come together. I can't think of anything more bipartisan or anything that should be more bipartisan than a focus on American small businesses. This amendment is at the heart of that.

I strongly urge a very strong bipartisan vote.

I thank the Chair.

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