Political Quotes

“I thank you so very, very much for raising the critical role of small business in creating jobs. It is where many of the jobs are created, as you so correctly stated. You also referred to two bills that passed this House, H.R. 5297, which was the small business lending program, and it did all of the things you said. There is actually $30 billion in that that would be available to community banks to deliver loans to small businesses, $30 billion made available to them. There is also a requirement that they would have 10 years to pay back those funds. So it would go on the books of the bank as a loan, but it would be a long-term loan so that they would have the capital. I am told by the small businesses in our area that they were able to get $1 million of capital, which this provided up to $30 billion to small banks. If they could get $1 million of capital, they could then make $10 million of loans. So there is that kind of leverage involved here. That bill passed this House with 98 percent of the Republicans voting no.”