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Congressman Thompson votes to support small businesses
Washington DC,
Sep 23 -
Today, Congressman Thompson voted in favor of the Small Business Lending Fund Act of 2010 (H.R. 5297) which passed the House of Representatives by a 237- 187 vote. This bill will expand much needed lending to millions of small businesses across the country and offers tax incentives to help small businesses.
“I’ve heard from many small business owners in our district that need access to loans to hire additional employees or expand their business, and that is exactly what this bill does,” said Congressman Mike Thompson. “Small businesses have been responsible for a majority of the new jobs created over the past decade and we should give them access to the resources they need to continue hiring.”
Small Business Lending Fund Act gives small businesses access to $12 billion in tax cuts and expands their access to private capital to finance an expansion and hire new workers. It also creates a $30 billion Small Business Lending Fund to provide community banks with additional capital to increase their lending to small businesses. The Small Business Lending Fund Act is fully paid for and will not add to the national deficit.
This bill is supported by National Small Business Association, Small Business Majority, National Retail Federation, National Restaurant Association, Hispanic Chamber of Commerce, Independent Community Bankers of America, American Bankers Association, Financial Services Roundtable, Business & Professional Women’s Foundation, International Franchise Association, Motor & Equipment Manufacturers, and the National Association for the Self-Employed.
Last week, the Senate passed this bill by a 61-38 vote. It will now be sent to President Obama to be signed into law.
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