U.S. Rep. John Hall met in Wappingers Falls with the owners of the Veterinary Specialty Center of the Hudson Valley and officials from the Greater Southern Dutchess Chamber of Commerce recently to discuss legislation passed in the House June 17 that supporters say will create jobs and increase lending to small businesses.
The bill was read in the U.S. Senate for the first time June 19 and had not been acted upon at press time.
The House-passed bill would create a $30 billion fund to provide capital to small banks that lend to small businesses. As planned, the U.S. Rep. Barney Frank-sponsored bill would “boost lending to small businesses by authorizing a fund of up to $30 billion that will be available to financial institutions with no more than $10 billion in assets.” Co-sponsors said the money can be leveraged toward providing $300 billion in loans for small businesses. The bill provides another $2 billion to state lending programs that support small firms.
“One of the top concerns of the business leaders and chambers I have met with was access to capital,” said Hall in a prepared statement. “As our economy starts down the path of recovery, small businesses are still having difficulty accessing credit. Banks are reluctant to lend and small businesses are struggling to make ends meet.
“But this is exactly the type of investment we should be making to spur economic growth: targeted funding to small banks that provide credit to small businesses that in turn create local jobs,” Hall said.
