For nearly 16 years I have been fighting for working families in the Valley. I have worked to bring jobs to our community, and to make sure that those who already have jobs receive all the healthcare and benefits to which they are entitled -- but there is much work yet to be done.
First and foremost, I believe that Congress must work together to pass a jobs bills that puts Americans back to work, which would set our economy on a faster and more prosperous course to recovery. I support President Obama's proposal that would create over one million jobs for those who build our roads, teach our kids, and police our streets. But we cannot pass this bill without bipartisan compromise, and I stand ready to work with Republicans to write a bipartisan bill. Although we are in the throes of a deeply divisive political season, some endeavors are far too important to be stopped by partisan differences in Washington.
Here in the Valley, I have helped secure two million dollars in federal grant funds for the Valley Economic Development Center (VEDC) to help spur job creation and economic growth by providing small businesses with financing, consulting and training, as well as developing programs to provide job training and referral services for local residents seeking employment.
Part of this funding is helping the VEDC expand access to capital for small businesses and leverage larger loans from banks and private investors. It also provides administrative support to businesses seeking loan application assistance. At a time when many small businesses face overwhelming challenges, institutions like the VEDC have become an increasingly vital resource for small business lending.
I also helped the VEDC establish the West San Fernando Valley Business Revitalization Program. The program provided qualified small businesses in the West Valley with financing, technical assistance and training to help create and sustain local jobs. These types of investments will help revitalize our communities and spur economic growth and recovery throughout the region.
That is why in 2010 I helped pass the Small Business Jobs Act, a bill that has helped spur economic growth and create new jobs by encouraging the growth of American small businesses. The Small Business Jobs Act improved access to much-needed lending on Main Street, including over $12 billion in loans by the federal Small Business Administration. The bill also offered new tax incentives to encourage firms to expand and hire new employees, and keeps jobs in America by closing tax loopholes that reward multinational corporations that ship jobs overseas. Moreover, the Small Business Jobs Act is fully paid for and will not add to the deficit.
I have also fought to save jobs, particularly those in the Entertainment industry which employs many Valley residents. A recent study has found that the motion picture industry loses $20.5 billion annually due to phony DVD sales and other forms of piracy. This costs nearly 150,000 new American jobs, including many in our area. I cosponsored and helped pass the PRO-IP Act, which is improving the enforcement of intellectual property laws and has increased the penalties for piracy.
One of the most important things our office does is assist businesses and employers located in the San Fernando Valley. We provide information about the various federal agencies that assist small businesses and entrepreneurial development, business regulations, financing, government contracting, and export assistance. Our office also can provide information on how to sell to the federal government, and we will work on your behalf to request timely action on your proposals, and to ensure that they receive full consideration.
I continue to believe that there are more good ideas in the Valley than in Washington, which is why I appreciate hearing from you. Do not hesitate to contact my San Fernando Valley office at (818) 501-9200 to share your views or visit my website www.BradSherman.house.gov.