WASHINGTON – United States Senator Mary L. Landrieu, D-La., Chair of the Senate Committee on Small Business and Entrepreneurship and a lead sponsor of the Small Business Jobs Act (SBJA) (P.L. 111-240), commemorated the 18-month anniversary of the bill being signed into law by President Obama. The final bill was a product of more than 18 months of bipartisan work. The bill passed the Senate on September 16, 2010, by a vote of 61-38. It passed the House on September 23, 2010, by a vote of 237-187.
The landmark small business jobs bill added billions of dollars of lending and investment to America’s entrepreneurs and provided $12 billion in tax cuts to small businesses from coast to coast. In addition, recognizing that less than 1 percent of small businesses export, the bill expanded trade and export opportunities. Finally, the bill increased small business access to federal contracts and expanded counseling and technical assistance programs by partnering with hundreds of non-profits throughout the country.
“Now is a good time for us to look back at the impact the Small Business Jobs Act of 2010 has had on America’s 27 million small businesses in the 18 months since President Obama signed it into law,” Sen. Landrieu said. “Unlike the bill that was rushed through Congress last week, this Jobs Bill increased small business lending to record levels, reduced the tax burden on America’s entrepreneurs and helped to create jobs-all without putting the people who invest in start-up companies at risk. My committee will continue working on legislation that will enhance entrepreneurial ecosystems, and we will start by building off of the success of the Small Business Jobs Act.”
Since the passage of the SBJA:
• The Small Business Administration (SBA) supported more than $12 billion in lending. SBA approved nearly 22,000 loans during the first quarter of FY 2011. This was a record quarter, and led to a record year for SBA last year. SBA’s lending is now back to pre-recession levels thanks to the SBJA.
• SBA has 157 active lenders who have refinanced almost 1,000 small business commercial mortgages, totaling almost $1 billion in volume through the 504 commercial mortgage refinance program.
• SBA successfully rolled out the first round of State Trade and Export Promotion (STEP) grants in September 2011 to 47 states and four territories, totaling $30 million. STEP grants maximize the federal-state-local resources to help small businesses export so they can grow their business and create jobs. The second round of STEP grant applications was just announced. States and territories can apply for their share of the next $30 million to build on this momentum.
• More than 2,400 small businesses have received loans above $2 million.
• More than 338 microloans have been made above $35,000.
• SBA has 20 new microlenders on board to participate in the Intermediary Lending Program (ILP). The ILP, created in the SBJA, is a three-year pilot program to provide direct loans to eligible non-profit intermediaries for the purpose of making small business loans of up to $200,000 to startups, newly established and growing small businesses.
• The U.S. Department of Treasury has approved $1.4 billion for State Small Business Credit Initiative (SSBCI) programs. Under the State Small Business Credit Initiative, states can leverage federal funds to support a variety of state programs that help small businesses access credit.
• Treasury distributed $4.2 billion from the Small Business Lending Fund for community banks to lend to small businesses. This money will lead to small business lending ranging from $9 to $16 billion in the next two years.