|Small business lending bill clears filibuster
Two GOP Senators George Voinovich (R-OH) and George LeMieux (R-FL) crossed party lines on September 14, to move the bill into debate on the chamber floor. As first reported on the Detroit Job Search Examiner
on August 4
, Senate GOP leadership lead a initial campaign in the Senate, to successfully filibuster the Small Business Lending bill.
The measure, if passed by a up or down vote within the Senate and signed by President Obama, would provide up to 26 billion dollars in funding for community based banks, to assist small business owners, with obtaining loans and lines of credit.
The Small Business Lending Bill was first proposed in the chamber by Senator Majority Leader Harry Reid in July of this year
The Office of Advocacy of the Small Business Administration
states that small businesses, which is defined as any business with fewer than 500 employees, account for 99.7 percent of all employer firms in this country. Noting such, the passage of this bill is a critical step to ending the nations’ 9.6 percent
jobless rate and opening the job market in Michigan, where the rate of unemployment is 13.1 percent
“Small businesses create most of the jobs in this country”, stated Arora on “Reach Out Job Search”, “(In today’s economy) access to financing is retaining most small businesses from opening. By providing access to capital, (we can assist) in adding more jobs in the U.S.”
President Obama, clearly pleased with the level of bi-partisianship finally displayed within the Senate, issued this statement on September 14 via the Washington Post
, about the movement of the legistation within the Senate:
“Today’s vote brings us one step closer to ending the months-long partisan blockade of a small business jobs bill that was written by both Democrats and Republicans,” Obama said in a statement Tuesday. “This is a bill that would cut taxes and help provide loans to millions of small business owners who create most of the new jobs in this country.”