Owens announces lending for upstate small business to expand and rehire
Congressman Owens News Release
PLATTSBURGH – Today, Congressman Bill Owens announced that $55 million is being allocated for small business loans for New York job creators. The funding is provided through the recently passed Small Business Jobs Act (H.R. 5297), which was supported by Owens in September. States are required to demonstrate a minimum of $10 in new private lending for every $1 in federal funding. Accordingly, the $55 million investment from the federal government is expected to support more than $550 million in additional private lending for New York State.
“Job creation is the key solution to many of the challenges Upstate communities face today,” said Owens. “I have met with hundreds of small business owners over the past year, and I believe if we can open up a wider flow of credit to those who hire locally, we will be able to improve our economy, strengthen Social Security, and put the unemployed back to work.”
The Small Business Jobs Act is projected to create 500,000 new American jobs by providing much-needed lending to millions of small businesses, and offering eight new tax incentives to companies. The legislation will provide Upstate New York lending through innovative local programs that help entrepreneurs expand their businesses and create quality new jobs.
“I believe targeted tax cuts are the best and quickest way to create jobs and get our country back on the right track. That is why I support legislation like this and have introduced similar bills that motivate Upstate entrepreneurs to hire and expand,” added Owens.
Through this part of the Small Business Jobs Act, states have the opportunity to apply for federal funds for programs that partner with private lenders to extend greater credit to small businesses.
In addition to the State Small Business Credit Initiative, the Small Business Jobs Act will help America’s 27 million small businesses with eight tax cuts totaling $12 billion that went into effect last week. It will make Main Street businesses more competitive with big corporations by spurring up to $300 billion in private sector lending for small businesses through community banks and extending and expanding existing Small Business Administration low-cost loans.
Posted: October 18th, 2010 under Congressional News.