WASHINGTON– Today, Rep. Rep. Lois Capps (D-Calif) voted for legislation that will leverage $300 billion in lending for small businesses and create hundreds of thousands of jobs nationwide. This legislation, the Small Business Jobs and Credit Act, expands much-needed lending to small businesses and offers tax incentives to help America’s small businesses grow. According to the nonpartisan Congressional Budget Office, the bill is completely paid for and will save taxpayers $1 billion over the next ten years.
“The small businesses on the Central and South Coasts continually impress me with their creativity and ingenuity. I know first hand, from my visits to small businesses up and down the coast, that they are the engine of our economy,” said Capps. “Small businesses have created two-thirds of new jobs over the last 15 years, making their ability to access credit critical to the health of the economy. In the wake of the financial crisis, banks large and small are still not lending as much as we need them too. This legislation will incentivize small, community banks to increase lending to local small businesses, giving them the capital they need to create jobs and continue to serve as on the country’s innovation hubs.”
The Small Business Jobs and Credit Act will help small businesses expand through investments in states and small banks that focus on lending to local small businesses. This new $30 billion lending fund has tough performance-based incentives and safeguards to ensure that funds go to small business, and will spur job creation across America. The bill will also help cultivate innovation through a new public-private partnership designed to channel early stage investment capital to promising new start-ups.
The Small Business Jobs and Credit Act offers tax incentives to spur immediate investments in America’s small businesses. These reforms will lower the capital gains taxes on small business investments, and increase tax deductions to help entrepreneurs to recover more start-up expenses.
The Small Business Jobs and Credit Act has been endorsed by a variety of organizations, including the National Small Business Association, the Small Business Majority, National Association of Realtors, the Conference of State Bank Supervisors, the American Bankers Association, Biotechnology Industry Organization and the National Bankers Association.
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