Small Business Financing Bill Passes in House
Today H.R. 3854, the Small Business Financing and Investment Act of 2009, passed by a vote of 389 to 32. The bill is designed to strengthen the ability of small businesses to obtain needed capital.
Ranking Member Sam Graves of the House Small Business Committee commented on the passage of the bill:
“The bill will help to improve the financing programs operated by the Small Business Administration. Changes to these programs can play a vital role in relieving the existing stress on the capital and credit markets for small businesses. Nevertheless, enactment of H.R. 3854 will not magically correct the flaws in the credit markets. Nor will the changes in this bill increase the confidence of small firms when the President continues to push job-killing initiatives, such as cap and trade, health care taxes and other regulatory mandates.”
The bill has not yet been considered by the Senate.