A new senate bill has been introduced to aid Small Businesses by increasing the guaranteed loan limit, and extend fee eliminations due to expire under the Recovery Act, for one year. With 64% of all new jobs in the past 15 years created by small businesses, and 85% of those lost belonging to the same sector, Senators Mary Landrieu, D-La., and Olympia Snowe, R-Maine introduced a new legislation to provide more capital for small businesses.
Senate Bill S.2869, the “Small Business Job Creation and Access to Capital Act of 2009 would increase the small business loan limit to as high as $5.5 million. Both President Obama and SBA Administrator Karen Mills have come out in support of the concepts of the bill, and there is hope of it passing in early 2010.
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