WASHINGTON, D.C. – U.S. Senators Ben Cardin and Barbara A. Mikulski, both (D-Md.), today applauded the U.S. Department of Treasury’s announcement that Maryland will receive $23 million in federal funding to improve access to credit for small businesses in the state.
The Senators voted for the Small Business Jobs Act, which President Obama signed into law in October 2010. This law created the State Small Business Credit Initiative (SSBCI) at Treasury. This program will provide $1.5 billion to state programs promote lending and private investment to small businesses. The $23 million in federal funding for Maryland is expected to result in $230 million in small businesses lending.
“This congressional funding to help small businesses was exactly what we in Congress intended when we passed the Small Business Jobs Act. Small businesses are the economic engine of our economy and the key to their success is access to capital. Our legislation ensured that small businesses have the capital they need to grow and prosper and create new jobs, particularly in these difficult economic times,” said Senator Cardin, a member of the Senate Small Business and Entrepreneurship Committee, which helped shepherd this legislation through the Senate.
“This law help businesses get access to the credit they need to create jobs and strengthen our economy,” Senator Mikulski said. “These are good guy businesses, working hard and playing by the rules. They want to expand. They want to hire and they want to upgrade their equipment. They want access to credit and they need a government on their side and at their side to do that.”
The Small Business Jobs Act will help create 500,000 new jobs, reward entrepreneurs for investing in small businesses and help Main Street businesses compete with large corporations. The law provides small businesses access capital, increases small businesses’ ability to make investments and promotes entrepreneurship. It will also promote fairness in federal contracting.