Crenshaw Votes to Open Doors to Small Business Growth in Florida, Across Nation

Press Release

Congressman Ander Crenshaw, Chairman of the House Appropriations Subcommittee on Financial Services and General Government, voted Monday night (7/13) to help grow the economy and create jobs by supporting passage of four House bills that open the door to access to capital for small businesses and strengthen the Small Business Administration Loan Disaster Program.

"Small businesses are the engine of our economy. Anytime Congress can provide them tools to create jobs and grow the economy, it should," said Crenshaw. "Making capital available at the starting gate and ensuring solid help is at the ready should natural disaster strike makes common sense. That's why I voted to pass four bills to give veterans a hand, modernize a micro-loan program to help first-generation entrepreneurs, strengthen an already thriving public-private partnership that puts private capital into the hands of small businesses, and ensure the administration can help communities rebuild in the aftermath of a disaster."

With Congressman Crenshaw's support, the House passed the following pieces of legislation on Monday, July 13:

Small Business Investment Company Capital Act (H.R. 1023):

The Small Business Investment Company (SBIC) Program is a public-private partnership that provides small businesses access to equity and debt financing. This bill allows SBICs the ability to provide additional capital, increasing the flow of private funds into small businesses -- at no cost to the taxpayer--to help them grow and create jobs.

Veterans Entrepreneurship Act (H.R. 2499):

This bill makes it easier for veterans to get the capital needed to start their own business by waiving the upfront guarantee fee on Small Business Administration 7(a) Express Loans.

Microloan Modernization Act (H.R. 2670)

Small-dollar loans are often the most difficult to receive, but are typically the deciding factor in whether or not a business opens its doors. They also play a key role in helping first-generation entrepreneurs turn an idea into reality. This bill modernizes the Small Business Administration's Microloan Program by allowing lending partners greater flexibility in providing loans and technical assistance, ultimately making small-dollar loans less complicated and more accessible.

Superstorm Sandy Relief and Disaster Loan Program Improvement Act (H.R. 208):

Practical, accountability-driven changes to the Small Business Administration (SBA) Loan Disaster Program in this bill ensure we are prepared to help victims in the aftermath of a disaster. This requires the SBA to plan for extreme loan application volumes so that victims can begin rebuilding as soon as possible. The bill also permits borrowers to use disaster loans to construct safe rooms to help protect against future similar disasters.

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