Washington, D.C.-- Speaker Nancy Pelosi issued the following statement today following the House passage of the Small Business Financing and Investment Act. The legislation will comprehensively reform small business lending programs to spur job creation and meet the needs of American small business. The House passed the bill by a vote of 389 to 32.
“Small businesses are the engines of our economic growth and the number one source of good-paying jobs nationwide. As we emerge from this recession, our recovery will depend on small business owners and entrepreneurs - the men and women who take risks, embrace opportunity, hire workers and pay them a decent wage, and reach for their piece of the American dream.
“The Small Business Financing and Investment Act will spur job creation and innovation, and help save or create 1.3 million jobs each year. This bipartisan bill makes it easier for businesses to get loans and access capital, and gives local banks and credit unions the confidence to open lending to a wider community of entrepreneurs. It builds on the success of the American Recovery and Reinvestment Act, extending key provisions that eliminated fees for Small Business Administration loans. And it provides tools for veterans, women, and rural families to get a head-start on a new business, create jobs, and succeed.
“Today's vote marks a critical step forward in our ongoing effort to put Americans back to work and place our country back on the path to prosperity. By offering small businesses the tools and resources to endure our current crisis and thrive in the future, we are laying the foundation for our recovery and placing a down payment on our long-term economic growth.”