FOR IMMEDIATE RELEASE

Thursday, October 29, 2009

 Contact: Jose Borjon, (202) 225-7742 or (202) 579-2403

ORTIZ VOTES TO CREATE JOBS, BOOST ECONOMIC GROWTH

Washington--Today, U.S. Rep. Solomon P. Ortiz (D-Texas) voted to create new jobs and stimulate the economy by providing small businesses with access to loans and investment dollars they need to expand and grow their operations.

The Small Business Financing and Investment Act will help open tight credit markets that have shut out small business owners during this economic crisis, so they can create jobs--particularly in struggling regions and industries.

“Small businesses are the number one source of new jobs in this country, and I am happy to have voted in favor of this legislation,” Ortiz said. “By helping small businesses grow, we are putting Americans back to work, supporting innovation in our economy and laying the groundwork for the future economic future of this country.” 

Small businesses create 6 to 80 percent of new jobs every year, however, the current economic crisis has frozen credit and made it difficult for small businesses throughout the country to receive financing. By comprehensively updating the Small Business Administration’s capital access programs, the legislation is expected to support $44 billion in lending and investment for smaller firms.

“President Obama and this Congress have made supporting our nation’s small businesses a top priority,” Ortiz said. “With this legislation, we are helping small firms find affordable sources of capital, one of the biggest challenges entrepreneurs face in the current economy.”

The bill will also increase loan sizes to better meet businesses’ needs. It also includes incentives to encourage local banks to lend to small businesses and by making application process easier. The bill creates a new public/private partnership to expand investments in small business startups. It also extends critical American Recovery and Reinvestment Act provisions eliminating fees on Small Business Administration loans and guaranteeing up to 90 percent them. To The bill also takes steps to promote veteran-owned, women-owned and rural small businesses.

“I am proud to join my colleagues in support of a bill that helps us get Americans back to work,” Ortiz said. “By giving small business owners the tools they need to weather this economic crisis, we will create and save 1.3 million American jobs and drive dollars back into our local economies.”

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