Small Business
Small businesses serve as the backbone to the Brooklyn community
Congressman Towns has always considered the small businesses of Brooklyn the backbone of the communities that make up our diverse borough. Brooklyn just would not be the same without the neighborhood deli or dry cleaners that we have all have come to count on. Due to that, Representative Towns has supported several pieces of legislation designed to reopen the lending and financing pipelines for small businesses in Brooklyn and across the nation.
Congressman Towns has voted for several pieces of legislation including the following:
- H.R. 5297, the Small Business Lending Fund Act of 2010 establishes the Small Business Lending Fund Program which will distribute federal funds to participating states to expand credit opportunities available to small businesses.
- The American Jobs and Closing Tax Loopholes Actrestores lines of credit to small businesses by extending American Recovery and Reinvestment Act provisions and raises the SBA guarantee from 75 percent to 90 percent.
- H.R. 2352, the Job Creation Through Entrepreneurship Act of 2009provides funding for training and mentorship programs to foster small business growth and creation.
- H.R. 3854, the Small Business Financing and Investment Act opens up lending opportunities for small businesses as well as offers support for small lenders not apart of SBA’s Preferred Lender Program.
Congressman Towns has also cosponsored legislation supporting small businesses including the following:
- H.R. 2299, the Minority Small Business Enhancement Act of 2009would amend the net worth requirements for participation in SBA programs that provide grants to small businesses owned and controlled by economically disadvantaged individuals. It also increases, government-wide, small business contracting goals.
- H.R. 3771 would amend the Small Business Act to establish mentorship and assistance programs designed to help minority, veteran-owned and women-owned small businesses operate in the construction industry.
Also, through the economic stimulus, over 600 million dollars have been provided to support loan programs and 250 million dollars was made available for the America’s Recovery Capital loan pro-gram that provides interest free loans at a 100 percent guaranty by the Small Business Administration. Over 600,000 jobs have been created or retained by SBA lending since February 17, 2009.