Proposed New $30 Billion Small Business Lending Fund

Washington (PRESS RELEASE – February 4, 2010) — Democratic National Committee (DNC) Chairman Tim Kaine released the following statement on today’s announcement by President Obama of a $30 Billion Small Business Lending Fund:

“I am proud to join President Obama in calling on Congress to approve a new Small Business Lending Fund aimed at further easing the burdens faced by small businesses and increasing their access to credit. Today’s announcement is the latest in a series of critical initiatives announced by the White House that will encourage job growth and expansion in the small business sector including last week’s announcement of a new $5,000 tax credit for small business that create jobs and increase wages for their employees.

“Upon taking office, President Obama took bold and swift action to reverse the course of our foundering economy and ensure long-term growth and stability. Recently, we have begun to see signs of additional progress. Our economy grew at a rate of 5.7% last quarter – the fastest single-quarter of growth in six years. Consumer confidence is up and the Recovery Act has already saved or created up to 2 million jobs.

“While this news is promising, we must continue to take decisive action to encourage long-term jobs growth in every facet of our economy but especially for small businesses that remain a central lifeline to the heart of our nation’s prosperity. Over the past year, I have repeatedly heard Congressional Republicans call for increased resources for small businesses. Accordingly, I am hopeful that Republicans will join the President and Democrats in Congress in passing this critical legislation that will ensure that small business success is a central focus of our recovery and rebuilding of Main Street America.”

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