[Congressional Record Volume 156, Number 133 (Wednesday, September 29, 2010)]
[Extensions of Remarks]
[Page E1863]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




             TEMPORARY EXTENSION OF SMALL BUSINESS PROGRAMS

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                               speech of

                          HON. BETTY McCOLLUM

                              of minnesota

                    in the house of representatives

                      Thursday, September 23, 2010

  Ms. McCOLLUM. Madam Speaker, I rise in strong support of the Small 
Business Lending Fund Act of 2010 (H.R. 5297). This legislation will 
extend much needed credit and reduce taxes for small businesses all 
across the country.
  Small businesses are the engine of job creation in our economy and 
are playing a crucial role in helping America recover from the worst 
recession in 75 years. Still, small main street businesses are 
struggling to expand due to a lack of credit. The Small Business 
Lending Fund Act of 2010 (H.R. 5297) helps small businesses expand by 
creating a new $30 billion fund for small and medium-sized community 
banks. This fund is expected to leverage up to $300 billion in small 
business lending.
  The economic impact of this legislation would be significant. It will 
create up to 500,000 jobs and provide loan guarantees to approximately 
8,000 community banks. H.R. 5297 provides $12 billion in tax breaks for 
small businesses, including write-offs on capital investments and 
credits for new hires. More importantly, his bill will not add a dime 
to the deficit because it is fully paid for by closing tax loopholes.
  Congressional Republicans repeatedly say they support small 
businesses while at the same time deliberately delaying and obstructing 
this legislation, which cuts taxes and expands access to credit for 
small businesses. When our economy is recovering and small businesses 
need access to credit, new American jobs should not fall victim to the 
gridlock caused by Republicans in Congress.
  There is no question in my mind that we will get America's economy 
back. Until credit is flowing and houses are selling, until customers 
are confident and job creation is back on track, I will continue to 
take actions that place our country on a sustained path of broad-based 
economic growth.
  I urge my colleagues to join me in voting for the Small Business 
Lending Fund Act of 2010.

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