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Congresswoman Chellie Pingree manages debate on bill to helpsmall businesses
Bill toincrease investment, other resources for small businesses passes House

For immediate release
October 29, 2009
Contact: Willy Ritch, (207) 841-8400
 
Congresswoman Chellie Pingree managed the procedural debate on the House floortoday for a bill that will help create jobs by making more tools and investmentfinancing and capital available to smallbusinesses.  The Small Business Financing and Investment Act of 2009passed the House today.
 
"This is a bill that will support small businesses when they need it most byhelping them access the investments they need to survive, to grow, to expand,and to create the jobs that will drive our economic recovery," Pingree said inher testimony on the House floor today.

Pingree authored an amendment to the bill that would require the Small BusinessAdministration (SBA) to study significantly increasing the size of most loansthey guarantee, and report back to Congress.

"One of the things I've often heard from businesses in Maine is that SBA loansare too small," Pingree said.  "It's time the limits were significantlyincreased and I hope this is the first step toward accomplishing that."

Recently President Obama joined the call to increase SBA loans from $2million to $5 million.  
 
By modernizing the SBA capital access programs for the first time in 10 years,the bill will unlock lending and investment for cash-strapped entrepreneurs,allowing them to expand their operations and hire new workers.
 
Measures in the bill include:

·An amendment byCongresswoman Pingree directing the SBA to study increasing the size ofsmall-business loans it guarantees;

·Supporting $44billion in lending and investment every year, helping create or save 1.3million jobs annually;

·Establishing anew public/private partnership at the SBA to invest in fledgling smallbusinesses; and

·Providingincreased technical assistance to recipients of microloans, an important sourceof capital for dislocated workers looking to launch their own businesses. 

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