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Texas will receive $46.5 million as part of Small Business Jobs Act
Oct 15, 2010 | 1033 views | 5 5 comments | 6 6 recommendations | email to a friend | print
Congressman Rubén Hinojosa (D-TX) announced that Texas will receive $46,553,879 of some $1.5 billion in funding authorized for the “State Small Business Credit Initiative” program that the Department of Treasury will administer as part of the overall “Small Business Jobs Act.” Congress passed the “Small Business Jobs Act” last month and President Barack Obama signed into law last week.

The Small Business Jobs Act provides $30 billion in capital to community banks to help them boost lending to creditworthy small businesses looking to hire and expand their operations, Hinojosa said. It also includes $12 billion in small business tax breaks and expands Small Business Administration loan programs.

The “State Small Business Credit Initiative” program provides funding to participating state Capital Access and other state small business lending programs, such as loan participation programs, loan guarantee programs, and collateral support programs.

Hinojosa said it is part of the ongoing effort by Congress and the Obama administration to put Americans back to work and strengthen the economy. It will create 500,000 new jobs, he said, adding the initiative is needed to enhance small business’ access to capital, which, in turn, is necessary to enable those businesses to create and retain jobs and assist in the economic recover.

The money is intended “for programs that partner with private lenders to extend greater credit to small businesses,” the Treasury Department said in a statement. “States are required to demonstrate a minimum ‘bang for the buck’ of $10 in new private lending for every $1 in federal funding. Accordingly, the $1.5 billion funding commitment that the federal government will make for this program is expected to support $15 billion in additional private lending.”

In Texas’ case, that would mean $465,538,790 in new small business lending.

“Small businesses are the engine of our economy, creating two-thirds of the new jobs over the last 15 years. America’s 27 million small businesses continue to face a lack of credit and tight lending standards, with the number of small businesses loans down nearly 5 million since the financial crisis in 2008 under President Bush,” Hinojosa said.

“The State Small Business Credit Initiative program is needed to provide vital support to successful state-level programs that help local entrepreneurs obtain the credit they need to put more Americans back to work,” he concluded.
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HellFire
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October 17, 2010
This is the typical dumbocrat ranting. yellow dummy wails and flings liberal nonsense against tax cuts and breaks now she is in support of them, LMAO @ yellowdummby!!!

You see or hear this almost everyday. I say don’t bite the hand that feeds you, but for the idiots that don’t understand what that means (you know who I am referring to) that means if you tax and penalize the ones that create jobs, provide goods and services and keep the American way of life on track enough, they will disappear. No more money is the bottom line. No more government income. Obamacare fiasco is the prime example; no way can the healthcare fraud be funded. That means it cannot exist, for you ignorant supporters of it that means it goes bye-bye.

For those who oppose tax incentives this is your ideal, imbeciles and fools will drag the rest of down with you.

These actions are consistent of the supporters that voted for the “change”. These morons put the illegal alien muslim into office and since the United States has seen record debt, jobless claims and loss of jobs not to mention the sentiment of the American people is that of confusion and hopelessness with the obama administration lying at every turn about the state of this nation. That is not a claim its proven fact. The obama czars and obama appointed imbeciles are taking their toll on America.

Higher taxes are on the horizon, the stock market is being driven by government falsehoods and obama keeps on lying to Americans. When the market falls, and it will, many wonder if there will be a recovery. With history and knowledge tempered by fact and proven records of accomplishment a few say the stock market will simply be a government veil ending another American institution. Think that’s ridiculous, simply look at what obama has already accomplished toward the federal government controlling what had always been in the private, free sector.

Think about that in the upcoming elections.

IMPEACH THE ILLEGAL ALIEN MUSLIM IN THE WHITE HOUSE!!!
YellowDog
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October 16, 2010
Lady Texan, what part of "The “State Small Business Credit Initiative” program provides funding to participating state Capital Access and other state small business lending programs, such as loan participation programs, loan guarantee programs, and collateral support programs."

How about just the title? "Texas will receive 46 5 million as part of Small Business Jobs Act"

Of course, you would never, ever give a Democrat any credit for anything, now would you?
LadyTexan
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October 16, 2010
Just another example of Democratic spending that will do absolutely NOTHING to help small businesses.