June 17, 2010
Contact: Aaron Hunter 202-225-2040
Congresswoman Susan Davis Votes to Increase Lending to Small Businesses
Bill helps small businesses obtain the capital to grow and create jobs
Washington – Congresswoman Susan Davis (D-San Diego) voted to expand much-needed lending to small businesses and offer tax incentives to help America’s small businesses grow and create jobs.
“As I meet with small businesses owners in my district, the one thing they mention is the lack of lending,” said Davis. “This legislation will pick up the slack on small business lending until the large banks begin providing more loans. We must ensure that small businesses, our nation’s economic engine and prime creator of jobs, have the capital they need to grow and succeed.”
The Small Business Jobs and Credit Act (H.R. 5294) will help small businesses expand through investments in states and small banks that focus on lending to local small businesses. This new $30 billion lending fund, with tough performance-based incentives and safeguards to ensure that funds go to American small business, will spur job creation across America. The bill will also help cultivate American innovation through a new public-private partnership designed to channel early stage investment capital to promising new start-ups.
The bill offers tax incentives to spur immediate investments in America’s small businesses. These reforms will lower the capital gains taxes on small business investments, and increase tax deductions to help entrepreneurs to recover more start-up expenses.
The Small Business Jobs and Credit Act, which passed the House of Representatives on a vote of 241-182, has been endorsed by a variety of organizations, including the National Small Business Association, the Small Business Majority, National Association of Realtors, the Conference of State Bank Supervisors, the American Bankers Association, Biotechnology Industry Organization and the National Bankers Association.