Carolyn Maloney: “It is widely understood that one of the biggest problems facing our economy now is the fact that small businesses cannot…”

“It is widely understood that one of the biggest problems facing our economy now is the fact that small businesses cannot get loans. And small business owners tell me every week from across my district they are not hiring because they cannot get loans and expand. In fact, a recent report from the Joint Economic Committee, which I chair, found that the number of small business loans peaked in the second quarter of 2008 at 27 million loans. But since then the number of loans have fallen by 18 percent. The bill before the U.S. Senate today that passed the House will address that by expanding access to needed credit for small businesses, providing tax relief, and encouraging private investments. Our economic recovery depends on small businesses, and credit-worthy small businesses need loans. This bill is not a cure-all or a silver bullet, but it is without question an important step towards restoring and restarting the great American engine of growth.”