WASHINGTON — The small-business provisions included in the American Recovery and Re-investment Act are working, according to Sen. Olympia Snowe (R-Maine), ranking member of the U.S. Senate Committee on Small Business and Entrepreneurship.
“The small-business provisions we included in the stimulus are yielding tangible results,” said Snowe. “We have witnessed an approximate 60% increase in SBA lending, which translates into more than $11.3 billion in new loans through the 7(a) and 504 programs, and the creation or retention of over 300,000 jobs. In procurement opportunities through the stimulus, the Federal government is exceeding its small-business statutory contracting goals in every category except for women-owned small businesses.”
Snowe urged additional action from the Obama Administration, saying that a women’s contracting program could help the Federal government meet or exceed its goals in the women-owned businesses category as well.
“We cannot rest on our laurels,” Snowe said, adding that her Next Step for Main Street Credit Availability Act of 2009 would increase the maximum levels on 7(a) and 504 loans to $5 million and allow more small businesses to access capital. The legislation would also raise the maximum level for microloans from $35,000 to $50,000, helping entrepreneurs start their businesses.
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