House Approves Small Business Lending Bill

Press Release

Looking to continue America's economic momentum, Congressman André Carson today voted to approve the Small Business Lending Fund Act to spur small-business lending and create more access to capital.

Included in the bill is language authored by Congressman Carson that increases the opportunities for minority- and women-owned businesses. His language requires banks who participate in the loan program to include women- and minority-owned businesses in their outreach and advertising. It also calls on the Treasury Secretary to file a report detailing the number of women- and minority-owned businesses that receive assistance from the fund.

"A stronger and quicker economic comeback is dependent on the success of our small businesses," said Carson. "That is why it is so important to make sure our minority- and women-owned businesses know about the opportunities available to them. By providing extra help for business owners and bringing more of them to the table to actively participate in this recovery, we can continue moving our economy forward."

The legislation creates a small business loan fund that is designed to boost bank lending to small businesses struggling to gain access to credit due to the financial crisis. The legislation will establish a $30 billion fund to increase lending to small businesses looking to hire and expand their operations by providing additional capital to community banks.

"I understand that because of the economic challenges that we face, banks cannot lend to all existing or aspiring business owners," said Carson. "But too many small businesses have been without access to the capital they need to expand or in some cases, keep their doors open. This legislation is necessary to aid a crucial sector of our economy that is key to further job creation."

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