Increasing Small Business Lending PDF Print

I supported the Small Business Jobs Act – signed into law in September – to ensure that small businesses have access to credit and tax relief. I’m pleased that the Administration is acting quickly to implement key provisions.

Last month, the Small Business Administration announced that because of the law, nearly 2,000 businesses nationwide – including ones in Lambertville, Eatontown and North Brunswick – have had their SBA-backed loan applications approved. Additionally, the New Jersey Economic Development Authority is set to receive $33.7 million, as part of the law’s State Small Business Credit Initiative, to help its small business lending efforts. New Jersey must still apply to receive the funding, which it would use to partner with private lenders to extend greater credit to small businesses.

The law also includes new tax relief - eight tax cuts totaling $12 billion – for small businesses. For example, the law increased the tax deduction for business start-up expenditures. By allowing entrepreneurs to recover more start-up expenses, small business owners can focus more on hiring new workers and growing their businesses.

Combating Hunger in America

A new report from the U.S. Department of Agriculture has found that hunger in America is at an all time high. The report found that in the past year 17.4 million households experienced food insecurity, or lacked the nutritional substances to maintain a healthy lifestyle. That is a slight increase from the previous year’s report and a significant increase from 2007, when the economy collapsed

With limited resources, food banks and food pantries across New Jersey are continuing to help families across the state find short- and long-term solutions for their nutritional needs. Last year alone food banks and food pantries in the state helped 830,000 people, and this year the demand is at least as great. If you want to learn more about anti-hunger efforts in each of the five counties of the 12th Congressional District, please click here. The need is great now, but won't go away after the holidays.

American Diabetes Month

Almost 24 million Americans are living with diabetes, with 5.7 million going undiagnosed. Another 57 million have prediabetes. The disease, especially if untreated, can lead to serious health complications including heart disease, stroke, and high blood pressure. Unfortunately, New Jersey ranks third-to-last in treatment and patient management, key factors in preventing complications.

November is Diabetes Month, an opportunity to discuss the ways to mange and prevent the disease. The fight against diabetes is an effort involving families, health professionals, scientists, and other advocates. I appreciate the work of those in New Jersey who are doing their part, including innovative pharmaceutical companies like Novo Nordisk, which is on the front lines of diabetes research.

To find a cure and better treatments for diabetes, I support increased funding for research and development at the National Institutes of Health and the Centers for Disease Control and Prevention. One bill I support would require the Secretary of Health and Human Services to improve the education for children with diabetes.

 
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