Congresswoman Diana DeGette (CO-1) applauded the enactment of the Small Business Lending Fund Act, signed into law today by President Barack Obama. The bill, which passed the U.S. House of Representatives last week by a vote of 237-187, provides tax cuts and credits for small businesses, as well as provides community banks with funding to increase lending opportunities to small businesses.
"I am pleased that President Obama signed legislation today providing relief and opportunities for small businesses across our country," said DeGette. "Small businesses are the backbone of our national and local economy and any efforts to reduce unemployment and improve our economy must be made with an eye towards helping these important institutions. As a former small business owner I know very well the challenges that small businesses face, and that is why I am proud of legislation, such as this, that allows these institutions to compete globally without sacrificing their commitment to their local communities.
"While there are official indicators showing that the recession is over, for far too many American families, economic indicators still cannot pay the mortgage, put food on the table, or keep creditors at bay. With signs of stability in the larger economy, it is my goal to help ensure that improvement is felt not just on Wall Street, but also on Main Street, where unemployment remains high, and consumer confidence remains low. Without a doubt, the economic engines of Main Street are America's small businesses. That is why I am proud to have supported this small business act, which loosens the credit market to provide loans for small businesses, so they can create jobs and boost their local economies."