(Washington, DC) - Yesterday afternoon, the U.S. House of Representatives considered and passed H.R. 5297, the Small Business Lending Fund Act.  Congressman Baron Hill supported the bill, which offers expanded lending opportunities and tax incentives to help small businesses grow.  The bill would establish a $30 billion lending fund to eligible banks and financial institutions to increase lending to small businesses.  It also includes several new tax breaks for small businesses, increases Small Business Administration (SBA) lending limits, and provides grants to states to increase the amount of capital made available by private lenders to small businesses and manufacturers.   

 “Small businesses are the lifeblood of the American economy and key to growth and economic opportunity in Southern Indiana,” Hill said.  “I have heard from many small business owners who have been struggling to receive loans that would help them get back on their feet.  This bill will give these Hoosiers the additional tools they need to succeed as our economy continues to gain steam.”

The Congressional Budget office estimates the Small Business Lending Act is fully paid-for, and will reduce the deficit by $458 million over 10 years.  H.R. 5297 has been sent to the President to be signed into law.