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Brown-Waite Applauds Passage of Small Business Finance & Investment Act of 2009
“When the American people are working, the American economy is working”
Washington,
Oct 29 -
Brown-Waite Applauds Passage of Small Business
Finance & Investment Act of 2009
“When the American people are working, the American economy is working”
Washington D.C. – U.S. Congresswoman Ginny Brown-Waite (FL-05) released the following statement today after the U.S. House of Representatives passed H.R. 3854; Small Business Financing and Investment Act of 2009:
“For more than nine months, I have been calling on this Congress to provide real support to small businesses. Sadly, the Democrats’ “stimulus” plan only provided 1% of overall funding to the Small Business Administration. Worse still, this little bit of money is not actually making it through to small businesses. Like the President’s flawed homeowners’ initiatives, the SBA stimulus program relies on banks responding to incentives. They aren’t. Today, the House passed a bill that will allow the Small Business Administration to use stimulus funds to loan directly to small businesses. My amendments ensure that this program will be operational through 2011 and that it will be administered responsibly.
“This bill provides small business employers with the resources they need to help the American people get back to work—when the American people are working, the American economy is working.”
Congresswoman Brown-Waite’s amendments are below. To read the full text of H.R. 3854, go to www.Thomas.gov.
Amendment #15 clarifies the bill text to authorize the program to begin operating immediately and to continue through FY 2011, regardless of whether the NBER declares the recession technically over. After Sept. 30, 2011, the original parameters take over. If Congress is going to take the step of loaning directly to small businesses, Ginny believes, Congress should make sure that it begins loaning immediately when that emergency lending is needed the most.
Amendment #14 addresses the lack of clarity with regard to underwriting standards in the underlying bill. This amendment requires that any individuals at the SBA who are directly involved in loan application analysis and underwriting have at least two years of experience in those activities. The National Credit Union Administration (www.ncua.gov) requires that any credit unions that engage in business lending have commercial loan officers with at least two years of experience. This amendment uses the same requirement. To the greatest extent possible, Congress must ensure that only prudent loans are being made. This amendment does that.
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