Carolyn Maloney: “The Joint Economic Committee released a report this week that looks at how tighter credit standards have hit small…”

“The Joint Economic Committee released a report this week that looks at how tighter credit standards have hit small businesses especially hard. That means that now, even as big and mid-sized businesses have begun adding jobs once again, small businesses are struggling to expand and put Americans back to work. Small businesses are rightly considered to be the great engine of the American economy. Seventy-five percent of all employees work for businesses with less than 250 employees. And if small businesses are the engine, then credit is the fuel that keeps that engine going. While large and mid-sized firms have multiple funding sources, including the public debt market, small businesses rely almost completely on financial institutions. Improving credit availability to small businesses will help to grow our economy and create jobs. That is why the Financial Services Committee today is working on legislation to create a small business loan fund. It's an investment in America that is truly worthy of a AAA rating.”