Small Business Act Supports Employers
Small businesses have always driven the American economy and we’re counting on them to lead us out of these times of economic uncertainty.
In my years as chairman of the Senate Small Business Committee, I saw the incredible creative energy of small business owners; I saw how these local firms promote the innovation that creates jobs and economic growth. So it’s not surprising that our state’s small businesses remain our best hope for our economic future.
Access To Capital
Last month the U.S. Senate passed the Small Business Jobs Act, which provides small business assistance that is already helping employers across Massachusetts add good-paying jobs to their payrolls.
In fact, just four days after President Barack Obama signed it into law, the Small Business Jobs Act had already created 100 new jobs in Massachusetts. It’s a small step in the right direction, but a clear sign of the role our state’s small businesses are playing in putting our economy back on track. We just need to help them get the tools they need to do it.
The Small Business Jobs Act was based on a simple premise: Small businesses are ready to grow and hire new workers, but they need access to capital to make it happen. So this new law makes it a little easier for small businesses across the country to access credit — something I’ve been fighting for ever since I chaired the Small Business Committee.
The Small Business Jobs Act targets the unique needs of small businesses and community banks, giving them the tools they need to help sustain our economic recovery. To assist small business owners and their employees, it creates jobs through a combination of much-needed tax credits, enhancements to Small Business Administration (SBA) lending programs, and the development of new community bank lending facilities. It also extends successful loan-enhancement provisions initiated by the American Recovery and Reinvestment Act that have supported more than $30 billion in lending to small businesses across the country and helped create or retain more than 710,000 jobs.
In Massachusetts alone, this program has made it possible for us to nearly double Small Business Administration lending in the past year. These loans translate into new small business services, new and better facilities, and, most importantly, new jobs.
Jobs must be Job No. 1 one for Congress, and the Small Business Jobs Act puts those words into action. I’ll continue to fight to make sure our small businesses have the tools they need to innovate, expand and generate jobs across our economy. n
John Kerry represents Massachusetts in the U.S. Senate.The phone number at his Boston office is 617- 565-8519.
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