Merkley Calls For Expanded Credit For Small Businesses

Jeff Merkley

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WASHINGTON, DC -- Oregon Senator Jeff Merkley, along with other lawmakers, has called for help to make additional credit available for small business owners. Merkley said the Small Business Lending Fund would provide as much as $30 billion in additional lending to community banks. That money, in turn, would be loaned to small business, allowing for business expansion and job creation.

"And then everybody wins. The community banks have a stronger loan portfolio, the small businesses seize opportunities, they create jobs, and those jobs are really going to be the answer to how we get out of this recession."

Merkley said such legislation would not cost taxpayers. He said a Congressional Budget Office study indicates providing additional capital to community banks will save taxpayers $1 billion over ten years.

"And that estimate does not include the taxes that will be paid by additional folks who are employed. That estimate does not include the taxes that will be paid by successful small businesses. So, this is common sense legislation, to find the roadblock in getting funds, liquidity, loans, into the hands of small businesses, and addresses that roadblock."

Merkley, along with Senator Barbara Boxer, introduced legislation similar to the Small Business Lending Fund last year, but it failed to gain traction.

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