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Rangel Applauds President Obama's New Small Business Lending Initiatives, Supports Similar Legislation In The House


Location: Washington, DC

Congressman Charles B. Rangel issued the following statement today on the House's consideration of comprehensive legislation that would increase credit to small businesses:

"Last week, President Obama announced a package of initiatives that will increase credit to small businesses by providing incentives for community institutions to lend in low- and moderate-income areas. To complement the President's efforts, the House will consider legislation this week to modernize the Small Business Administration's capital access initiatives, a move that would increase lending and help save or create more than one million jobs a year.

I commend the President for his leadership on this critical sector of the economy that represents our nation's most robust job creation engine, and I look forward to getting this legislation passed in the House. The President's initiatives and House legislation this week build upon the work Congress has done this year to help our small businesses and communities overcome the challenges brought upon us by the worst economic crisis since the Great Depression.

My office has worked together with New York small businesses, banks, and government to find ways to open up the flow of credit and take advantage of stimulus programs so that we can bring stability and growth to our community. Under the work of the House Ways and Means Committee, we have provided tax breaks for small businesses and financing for local economic development, which were enacted in the Recovery Act.

Our country has made some positive strides since the Recovery Act was enacted, but we must continue to bring about economic recovery to all with these small business and job creation policies."

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