UPDATE: Lending for Texas Small Businesses to Expand, Create Jobs
Provides $46.5 Million in New Small Business Lending
WASHINGTON DC-- Today, Congressman Henry Cuellar announced that $46,553,879 has been allocated to lend to small businesses in Texas by the Treasury Department, in a key step of implementing the just-passed Small Business Jobs Act. States can now apply for their allocation.
This effort provides $15 billion nationwide in new small business lending through innovative local programs that help entrepreneurs expand their businesses and create new jobs. This bill is fully paid for and would not add a cent to the deficit.
Congress recently passed the Small Business Jobs Act to spur economic growth and create 500,000 new jobs by providing much-needed lending to millions of small businesses, and offering 8 new tax incentives to companies, so that they may expand, hire, and fuel our economy.
“Small businesses are the engine of our economy and are key to creating American jobs and rebuilding the economy for the future,” said Congressman Cuellar.
“Providing $46.5 million in lending in Texas is critical for small businesses to help them grow and flourish; state officials must quickly jump on this opportunity. Increased access to capital and new tax cuts will not only keep jobs in America, it will allow small businesses to make it in America.”
Through this part of the Small Business Jobs Act, states have the opportunity to apply for federal funds for programs that partner with private lenders to extend greater credit to small businesses. States are required to demonstrate a minimum “bang for the buck” of $10 in new private lending for every $1 in federal funding.
Accordingly, the $1.5 billion investment from the federal government is expected to support $15 billion in additional private lending. In addition to the State Small Business Credit Initiative, the Small Business Jobs Act will help America’s 27 million small businesses with eight tax cuts totaling $12 billion that went into effect last week. It will make Main Street businesses more competitive with big corporations by spurring up to $300 billion in private sector lending for small businesses through community banks and extending and expanding existing Small Business Administration low-cost loans.
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