Castor Supports Small Business Loan Legislation
Oct 29, 2009 -
Congresswoman Kathy Castor announced today her support for the Small Business Financing and Investing Act of 2009, which is expected to be considered on the House floor today. Castor supports this critical legislation because it will enable small businesses to get the loans they sorely need so they can grow their businesses and put employees back to work.
“From Columbus Drive in West Tampa to 18th Avenue in South St. Pete, our community is full of small businesses, struggling during this economic downturn,” Castor said. “Our small businesses have the potential to thrive once again, which is why it’s so important credit flows to them.”
Roughly 60 percent to 80 percent of new jobs are created by small businesses, according to estimates from the House Small Business Committee, and they account for approximately half of the nation’s jobs.
The Small Business Financing and Investing Act is expected to create or save 1.3 million jobs annually. The bill increases Small Business Administration loan amounts and encourages more banks to lend to small firms. Many small businesses have struggled in recent years to secure loans, and many who have tried to get a loan to launch a small business have been turned away.
The legislation also creates a program at the Small Business Administration that will help small health care providers reduce health care costs and adopt electronic medical records. Castor has been a strong advocate of electronic medical records and health care reform overall.
“In many meetings over many months, small business owners have expressed two things to me that they need to move toward recovery: access to short-term credit and access to affordable health care,” Castor said. “Two actions today will help with both: The Small Business Financing and Investing Act is expected to pass the House this afternoon, and the major health insurance reform bill was highlighted on the steps of the Capitol this morning.”
To further help small businesses, Castor will hold a small business workshop 10 a.m. Friday, Dec. 4, at the University of South Florida’s Small Business Development Center. Small businesses, women-owned businesses, veteran-owned businesses and others are invited to learn how they can compete for federal contracts. Participants will have an opportunity to meets with officials from the University of South Florida Small Business Development Center and the U.S. GSA Office of Small Business Utilization.