[Congressional Record Volume 156, Number 91 (Thursday, June 17, 2010)]
[Extensions of Remarks]
[Page E1139]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




               SMALL BUSINESS JOBS AND CREDIT ACT OF 2010

                                 ______
                                 

                               speech of

                           HON. BOB ETHERIDGE

                           of north carolina

                    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. ETHERIDGE. Mr. Chair, I rise in support of H.R. 5297, the Small 
Business Jobs and Credit Act. Small businesses form the backbone of our 
economy and this bill helps them get access to the credit that they 
need to grow and create jobs.
  While there are strong signs that our economy has turned the corner 
and is beginning to heal, there are still far too many small businesses 
unable to get the capital they need to contribute to the recovery. H.R. 
5297 creates a Small Business Lending Fund to deliver loans to small 
business on Main Street. This fund will be available to small and 
medium-sized community banks that specialize in lending to these 
institutions. H.R. 5297 includes strong incentives in the form of 
adjustable repayment rates to make sure that participating community 
banks lend this money out for its intended purpose. This $30 billion 
fund can be leveraged to create up to $300 billion in loans that small 
businesses need for growth and expansion. This is the kind of growth 
that will help continue our economic recovery and get us back to full 
strength.
  In addition to this loan fund, H.R. 5297 provides funding 
specifically for new and existing lending initiatives that have been 
developed in several states. With increased funding, we can tap this 
local expertise and expand on their work to increase small business 
lending and create jobs.
  Finally, as a supporter of budget discipline, I am pleased that this 
bill does not add to the deficit. These loans are required to be paid 
back in ten years with interest. In fact, the nonpartisan Congressional 
Budget Office estimates that this bill will actually reduce the deficit 
by $1 billion by the end of the ten-year period.
  I support helping businesses on Main Street access the credit they 
need to grow and expand. I support H.R. 5297, and I urge my colleagues 
on both sides of the aisle to join me in voting for its passage.

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