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House Passes Small Business Lending Bill

June 17, 2010

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The House of Representatives has passed the Small Business Lending Fund Act, which sets up a fund to help banks increase small business capital investment lending.
Small trucking companies may catch a break with this new bill, backed by President Obama. The legislation still has to go through the Senate. (Photo by Corcentric)
Small trucking companies may catch a break with this new bill, backed by President Obama. The legislation still has to go through the Senate. (Photo by Corcentric)
The bill also creates a State Small Business Credit Initiative that allocates federal funds for states to partner with financial institutions by directly addressing the cash flow and collateral challenges facing small manufacturers.

The Motor & Equipment Manufacturers Association applauded the House's decision.

"Both of these provisions are absolutely necessary to increase credit availability down through the smallest manufacturer, especially parts suppliers," said Bob McKenna, MEMA's president and CEO. "MEMA has worked very closely with the administration and key supporters of the legislation who have been instrumental in addressing the credit needs of small suppliers.

"These programs are essential to help our industry and other manufacturing sectors move forward," he said. "We believe that they will help generate the private financing necessary for small businesses to innovate and create new jobs, a critical step in our national economic recovery. We hope that the Senate will quickly take up this legislation so it can be signed by the President and enacted as soon as possible."

President Obama has been stressing the need for investment in small businesses as part of his recovery plan. During a visit to Maryland truck dealership K. Neal International Trucks earlier this month, he said, "I've also urged Congress to cut more taxes for small businesses and pass a Small Business Lending Fund, so that small businesses can get the incentives and the credit that they need to create jobs and grow."

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