Congresswoman Richardson Announces That In Just One Month The Small Business Lending Fund Act Has Already Saved At Least 63 Jobs And Created 10 In The 37th Congressional District
Today, Congresswoman Laura Richardson announced that the newly created Small Business Lending Fund Act has already helped to save 63 jobs and created 10 jobs more in the 37th Congressional District. The Small Business Lending Fund Act, which Congresswoman Laura Richardson voted for and was signed into law by President Obama just weeks ago on September 27, helps to spur economic recovery by creating favorable conditions for the growth of small businesses and closing loopholes that reward corporations that ship jobs overseas.
"With our economy now slowly recovering, it is obvious that it has been from forward thinking legislation like the Small Business Lending Fund Act that have made any gains possible," Congresswoman Richardson said. "Thanks to this legislation, six small businesses in the district have been able to secure the funding they needed to keep their employees in place and in one case, to add an additional 10 to the payroll. I supported the Small Business Lending Fund Act because I knew the great opportunity it offered for the small businesses in our community."
The Small Business Lending Fund Act creates a $30 billion fund that makes capital available to local banks for increased investment in small businesses. This legislation, which is fully paid for over 10 years and will not add to the deficit, gives $12 billion in tax cuts to small businesses. By making loans more available, small businesses are able to increase investment for growth and hire new employees. The $4.85 million in funds allocated to the 37th District of California were distributed as part of the new legislation under the State Small Business Credit Initiative (SSBCI). SSBCI assists small businesses that are not able to meet lenders' collateral requirements to secure access to capital. This has come as good news to many small business owners who have experienced a decline in the value of their property and equipment. In the 37th District, six small businesses have received loans under the SSBCI component of the Small Business Lending Fund Act.
"While these saved and new jobs are obviously good news for the people of the 37th District, we still have a long ways to go," Congresswoman Richardson added. "With the unemployment rates in the district at still unreasonably high levels, 10.4 percent in Signal Hill, 21.7 percent in Compton, 13.1 percent in Carson, 14.2 percent in Long Beach and 21.1 percent in Willowbrook, there is still much to be done to bring them back down to pre-recession numbers. It will be up to Congress to put in place more legislation like the Small Business Lending Fund Act to reach that goal and improve upon it. It is only through the hard work of Congress and the President in the last two years that have got us this far and I hope with the help of the American people we are able to continue to repair the damage done by the past presidential administration."