WASHINGTON – United States Senator Mary L. Landrieu, D-La, Chair of the Senate Committee on Small Business and Entrepreneurship, today announced close to 275,000 jobs supported as of mid-September from SBA’s two largest loan programs. The news comes in a response to an inquiry from Senator Landrieu to Deputy Administrator Marie C. Johns, requesting a review of the implementation of the Small Business Jobs Act of 2010.
“A year ago today, the President signed into law one of the most important pieces of small business legislation in over a decade. The Small Business Jobs Act spurred lending to America’s small business through modifications to SBA’s two largest loan programs. Our goal was to help entrepreneurs keep their doors open, allow them to expand their businesses, and ultimately, to create new jobs in their communities,” Senator Landrieu said. “And today, I am pleased to report that we are seeing the results on Main Street. With the changes in the SBA loan programs alone, there are record lending levels at the SBA, supporting close to 21,000 businesses and 275,000 jobs.”
According to the U.S. Small Business Administration, the Small Business Jobs Act allocated $505 million in fee relief and increased guarantees to help support small business borrowers and entrepreneurs. As of September 16, 2011, the Jobs Act expansion of the 7(a) and 504 loan limits has resulted in nearly $10.9 billion to assist more than 20,000 small businesses and has supported close to 275,000 jobs nationwide. This data does not include the projected 60,000 jobs that may be created or retained as a result of the $50 million in additional funding provided to Small Business Development Centers by the Jobs Act. Also today the SBA announced it was awarding $30 million in State Trade and Export Program (STEP) grants from the Jobs Act to 47 states and four U.S. territories.
The Small Business Jobs Act of 2010 [Public Law 111-240] was signed into law by President Barack Obama on September 27, 2010. On May 19, 2011, Senator Landrieu chaired a Small Business Committee hearing measuring the impact of the Small Business Jobs Act at the six-month mark of enactment of the bill. This recent data comes in response to a June 27, 2011 letter from Senator Landrieu on Jobs Act implementation that was sent to Deputy Administrator Johns. The letter requested an update on SBA implementation of Jobs Act provisions as well as detailed information on job creation and business assistance from the bill.
To see Senator Landrieu’s letter to Deputy Administrator Johns, please click here.
To see specific examples of businesses nationwide that benefitted from the Small Business Jobs Act, please click here.
To learn more about provisions in the Small Business Jobs Act, please click here.
NOTE: These jobs numbers do not include jobs created or retained through the $12 billion in targeted tax cuts for small businesses, the strategic partnership with healthy community banks through the Small Business Lending Fund, or the State Small Business Credit Initiative, all included in the Small Business Jobs Act of 2010.
