FOR IMMEDIATE RELEASE
Thursday September 16, 2010

CONTACT: Alan Mlynek
Office: (202) 225-5802

PETERS' SMALL BUSINESS LENDING PLAN CLEARS SENATE, HEADS TO HOUSE

Final vote next week on bill to help small businesses grow, hire workers

(Troy, MI) – The United States Senate approved Representative Gary Peters’ plan to help small businesses grow and create jobs.  Peters was a driving force behind pushing the legislation to passage in the House of Representatives earlier this year, but the bill stalled in the Senate due to partisan wrangling. 

“For months I have fought to draw attention to the numerous small business owners across Oakland County and the state that are ready to add jobs but cannot because Wall Street Banks refuse to give them access to the credit they need,” said Rep. Peters.  “Our small businesses and entrepreneurs create two out of every three new jobs in this country and giving them the tools they need to grow has to be our top priority."

The Small Business Jobs and Credit Act will promote private sector small business lending and contains a section written by Peters that will allow states to create or strengthen existing innovative small business lending programs. 

Michigan has been a national leader in developing small business lending programs such as the Michigan Collateral Support Program and the Michigan Supplier Diversification Fund.  Projections show that these efforts are already responsible for 14,500 more jobs for Michigan and approximately $140 million in private sector capital made available to small businesses. Enactment of Peters’ legislation will allow these efforts to be expanded to generate more private investment and create more jobs.

Peters’ work on the legislation was guided by conversations with small business owners across his district and a field hearing he convened last year during which other Members of Congress came to Michigan to hear from local business owners directly.  Since then Peters has carried out a door-to-door listening tour to talk with small business owners about their concerns across the county.

The bill passed the House in June, but will return to the House for consideration because the Senate revised portions of the legislation.  The House is expected to vote on the amended bill next week.

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