Kerry Small Business Recovery Plan Incorporated into President's Plan
Senator John Kerry (D-Mass.), a senior member and former Chairman of the Small Business Committee, today praised President Obama for launching a broad plan to assist America's small businesses.
"President Obama's small business package will provide small businesses with access to capital so they can stay afloat and get back in the business of creating jobs," Senator Kerry said. "The faster we get small businesses on track the faster our economy will recover. I'm glad that the provisions I wrote and pressed last year as Chairman of the Small Business Committee are now being enacted to help our struggling small businesses. President Obama gets it when it comes to helping small businesses in the toughest economy in decades."
In an effort to stop the deterioration of the Small Business Administration (SBA) loan programs, last year Senator Kerry introduced the Small Business Lending Market Stabilization Act (S. 3596) which would temporarily eliminate fees for small businesses applying for SBA loans. Earlier this year, a similar provision sponsored by Senators Kerry and Charles Schumer (D-NY) was included in the American Recovery and Reinvestment Act. That provision will provide $730 million to stimulate lending to small businesses by eliminating fees for SBA loans.
Last year, Senators Kerry and Charles Schumer (D-N.Y.) asked the Department of the Treasury to establish a credit facility to help securitize small business loans. The Obama plan will provide between $10 and 20 billion to buy small business.