Today, Congressman John T. Salazar helped pass $42 billion in aid to small business owners in Colorado and across the country.
The legislation frees up critical access to credit for small business owners and provides much needed tax relief. The bill is deficit neutral over the next ten years. The President is expected to sign the bill in the next few days.
The Small Business Jobs and Credit Act of 2010:
* Establishes a $30 billion lending fund that provides low interest rate loans for banks that increase their small business lending.
* Creates a $2 billion state small-business credit initiative to help state programs that provide money for small businesses.
* Provides funding to state programs supporting small businesses.
* Increases lending to rural small businesses and creates a new program to support new rural businesses.
* Provides tax relief to small businesses, which are all paid for.
Congressman Salazar offered the following remarks on today's bill to help small business across Colorado:
"Madam Speaker, I rise today in support of H.R. 5297, the Small Business Jobs and Credit Act of 2010. This legislation is vital for the over 17,000 small businesses in the 3rd District of Colorado who are struggling to keep their doors open in this difficult economy.
"This long-awaited legislation will provide much needed access to credit and tax relief for small businesses, ensuring they have the capital they need to grow and thrive despite the current economic climate. By increasing Small Business Administration loan limits and creating a $30 billion dollar fund designed to stimulate lending to small businesses, this Congress is finally providing these entrepreneurs the tools they desperately need.
"H.R. 5297 would also support rural small businesses, like those in Western Colorado, by increasing SBA lending to rural small businesses and creating a program to support new rural small businesses.
"Small business owners represent over 90% of employers in my district, and as a small business owner myself I understand the many challenges they face. I have always fought to make sure small business owners have all the resources they need to provide for their families and contribute to a lasting economic recovery.
"That is why I urge my colleagues to support the millions of small business owners in Colorado and across the country, and vote yes on H.R. 5297."