[Congressional Record Volume 156, Number 91 (Thursday, June 17, 2010)]
[Extensions of Remarks]
[Page E1131]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               SMALL BUSINESS JOBS AND CREDIT ACT OF 2010

                                 ______
                                 

                               speech of

                         HON. JOHN CONYERS, JR.

                              of michigan

                    in the house of representatives

                        Wednesday, June 16, 2010

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 5297) to 
     create the Small Business Lending Fund Program to direct the 
     Secretary of the Treasury to make capital investments in 
     eligible institutions in order to increase the availability 
     of credit for small businesses, and for other purposes:

  Mr. CONYERS. Mr. Chair, today I rise in strong support of Small 
Business Lending Fund Act of 2010. Small businesses are the engine of 
economic growth where nearly two out of three jobs are created. A 
recent study found that 39 percent of small businesses were struggling 
to access credit. Today's legislation will address this issue by 
providing capital to community banks who will lend to these job 
creating small businesses.
  The Small Business Lending Fund Act would establish a $30 billion 
fund to lend to small businesses looking to hire and expand their 
operations by providing additional capital to community banks. Today's 
legislation will also create the State Small Business Credit Initiative 
that would partner with state based programs to lend up to $20 billion 
in new lending. This is critical because many state-based programs are 
being forced to slash funding due to severe budget shortfalls.
  Mr. Chair, small businesses will be the catalyst to bring America out 
of this severe recession. Providing assistance to our small businesses 
is a necessary and urgent priority. I urge my colleagues to support 
today's legislation.

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