WASHINGTON – United States Senate Committee on Small Business and Entrepreneurship Chair, Mary L. Landrieu, D-La., released the following statement on President Obama’s Job Summit today:
“Now that we have stabilized Wall Street, it is time to jump-start Main Street,” Sen. Landrieu said. “As Chair of the Senate Small Business Committee, I have heard time and time again that this begins with getting small businesses greater access to the credit they need during these tough economic times. That is why I am working with my colleagues to increase the loan limits on small business loans and extend the small business provisions in the Recovery Act. Like us in the Senate, the President and his administration are focused on strengthening small businesses because we all know small businesses are the engine of our economy. We must give them the fuel to grow, create jobs and lead our country back to a time of prosperity.”
- In October, Senator Landrieu introduced S. 1832, the “Small Business Access to Capital Act.” This legislation will raise the loan limit cap on SBA loans from the current $2 million to as high as $5.5 million – matching the request of small business leaders and the request of President Obama. The SBA estimates that this change will be budget neutral and will add $5 billion in additional loan volume to small businesses next year alone. To learn more about Senator Landrieu’s “Small Business Access to Capital Act," please click here.
- The Committee on Small Business and Entrepreneurship has held 5 committee hearings or roundtables on small business lending this year. Most recently, Senator Landrieu chaired an oversight hearing on October 6 on the Recovery Act provisions and steps moving forward. Details of these meetings can be viewed by clicking here.
- Today Treasury Secretary Geithner and Small Business Administrator Mills released a report to the president outlining small business proposals for consideration going forward. The report can be found here.
- Yesterday, the Senate Democratic Policy Committee held a hearing on barriers to job creation for small businesses. Materials from the hearing can be found by clicking here.