Small businesses

November 18, 2009 -- Today's Small Business Financing Forum marks another step in the Obama Administration's commitment to ensuring small businesses can play a crucial role in leading job growth and recovery. As they search for the best ideas and strategies to bring to the President, Treasury Secretary Tim Geithner and Small Business Administrator Karen Mills will build on the measures the Obama Administration has already taken to help small businesses expand through increased access to credit and new tax cuts as part of the American Recovery and Reinvestment Act.

Obama Administration's Actions to Support Small Business

I. Improving Access to Credit    » read more »

$500 million Commitment to New Program

November 17, 2009 -- November 17, 2009 – The Goldman Sachs Group, Inc. (NYSE: GS) today announced the launch of 10,000 Small Businesses -- a $500 million initiative that will unlock the growth and job-creation potential of 10,000 small businesses across the United States through greater access to business education, mentors and networks, and financial capital. It is based on the broadly held view of leading experts that a combination of education, capital and support services best addresses the barriers to growth for small businesses. Program highlights include:    » read more »

November 17, 2009 -- WASHINGTON – Senator Carl Levin, D-Mich., introduced legislation today that would provide flexible loans to small businesses suffering from a lack of credit due to poor economic conditions or changes in the financial market.    » read more »

November 17, 2009 -- "Mr. President, I introduce today the Small Business Intermediary Lending Pilot Program Act of 2010.

As a member of the Small Business and Entrepreneurship Committee I have been concerned about access to affordable financing for small businesses.    » read more »

November 16, 2009 -- Washington, D.C. - Recently, the Small Business Administration (SBA) proposed a series of changes to existing regulations concerning the 8(a) Business Development program. The 8(a) Program provides participating small businesses with training, technical assistance, and contracting opportunities in the form of set-asides and sole-source awards. Small businesses owned by socially and economically disadvantaged individuals are eligible for the program.

“This rulemaking -in the first year of the Obama Administration- is proof positive that Administrator Mills is writing a new chapter in SBA history,” stated Congresswoman Yvette D. Clarke.    » read more »

11/10/09 -- Washington, D.C. – Congressman Ron Klein (FL-22) and Senator John Kerry (D-Mass.), a senior member and former Chairman of the Small Business Committee, today announced their introduction of a bill to support small businesses that employ military reservists.

The Small Business and Military Family Assistance Act of 2009 will provide tax incentives for small business employers who make up the salary difference for their reservist employees while they’re serving in Iraq or Afghanistan. While many large businesses can afford to supplement the lower wages reservists earn while in active duty, small business owners struggle to offer the same service.    » read more »

15,000 entrepreneurs helped by the online business formation process, reflecting 8,587 new businesses formed

November 09, 2009 -- ROANOKE -- Virginia Governor Timothy M. Kaine announced today that Virginia's Business One Stop, an online tool for entrepreneurs, has been utilized by more than 15,000 entrepreneurs to aid their business operations and create jobs. The Business One Stop is an on-going project through the Virginia Department of Business Assistance and began in May 2008 to consolidate business licensing, registration and permitting into one a single user-friendly online system.    » read more »

Energy Efficiency Grants Helping to Cut Energy Costs in Half, Saving $1.8 Million

Nov. 9, 2009 -- Harrisburg – Pennsylvania Governor Edward G. Rendell announced today that 165 small businesses in 43 counties will slash their energy bills nearly in half and save $1.8 million annually in energy related costs with the help of Small Business Energy Efficiency grants from the commonwealth.    » read more »

Community Development Finance Corporation to launch a Surety Bond Guarantee Program

BOSTON – Monday, November 09, 2009 – Delivering on the themes of the Patrick-Murray Administration’s Economic Summit held in October, Massachusetts Governor Deval Patrick today announced that the Administration is partnering with the Massachusetts Community Development Finance Corporation (CDFC) to help small, minority- and women-owned businesses and contractors bid on and participate in federal stimulus-funded construction projects.    » read more »

Will hire 325 additional bankers to help business owners Demonstrates Chase's support for small business, overall U.S. economy

NEW YORK, November 9, 2009 - Chase announced today that it plans to increase its lending to small businesses by up to $4 billion in 2010, boosting expected new lending to about $10 billion to this vital segment of the U.S. economy.

This will provide businesses with increased access to working capital, term loans for expansion, commercial mortgages, lines of credit, and business credit cards. While the $4 billion in additional credit will be available to qualified businesses with annual sales of less than $20 million, the majority of new loans will be targeted to companies with sales of less than $10 million.    » read more »

November 9, 2009 -- WASHINGTON, D.C. – Senator John Kerry (D-Mass.), a senior member and former Chairman of the Small Business Committee, and Congressman Ron Klein (D-Fla.) today announced their introduction of a bill to support small businesses that employ military reservists.

The Small Business and Military Family Assistance Act of 2009 will provide tax incentives for small business employers who make up the salary difference for their reservist employees while they’re serving in Iraq or Afghanistan. While many large businesses can afford to supplement the lower wages reservists earn while in active duty, small business owners struggle to offer the same service.    » read more »

Funds also create jobs at the Lab, at small businesses and down the chain.

October 28, 2009 -- As funds from the American Recovery and Reinvestment Act start to flow into Lawrence Berkeley National Laboratory, much of that funding is flowing out to small businesses.

To date, Berkeley Lab has been awarded more than $220 million in Recovery Act funds, a large part of which will go toward infrastructure projects and buying and upgrading computers and scientific equipment, such as microscopes, lasers and gene sequencers. So far, $38.2 million in Recovery Act subcontracts have been awarded, of which 58 percent went to small businesses. That far exceeds the federal government’s goal for the Recovery Act of giving 23 percent of prime contracts to small firms.    » read more »

November 3, 2009 -- Senator Chris Dodd (D-CT) today released his statement from the Senate Health, Education, Labor, and Pensions (HELP) Committee’s hearing on the increasing health costs facing small businesses.

“Health care reform is one of the most important things we can do for small businesses. There are more than 37,000 small businesses in my home state of Connecticut,” said Dodd, a senior member of the HELP Committee. “I am counting on them to lead the charge to create more jobs and grow our economy. And they are counting on us to pass health care reform this year so that they can do so without being strangled by the skyrocketing cost of health care.”

The full text of Dodd’s remarks, as prepared for delivery, is below.    » read more »

Oct 30 2009 -- Washington, DC – Congressman Jim Himes (CT-4) helped pass legislation late yesterday that will provide small businesses with access to the loans and investment dollars they need to grow and create jobs. The Small Business Financing and Investment Act will help open tight credit markets that have shut out small business. By comprehensively updating the Small Business Administration’s capital access programs, the legislation is expected to support $44 billion in lending and investment for smaller firms.    » read more »

Suggests Proposal of $4,000 Tax Credit Over Two Years Could Increase New Hires

Washington, D.C.
-- October 7, 2009 -- Senator Arlen Specter (D-Pa.) today wrote to Majority Leader Harry Reid (D-Nev.) and Senate Finance Committee Chairman Max Baucus (D-Mont.) urging them to consider legislation that would provide immediate tax incentives to employers who create new jobs or provide employees with more hours worked. A copy of the letter is attached.    » read more »