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Skelton says recently passed bill will be good for rural small businesses
Skelton says recently passed bill will be good for rural small businesses

Congressman Ike Skelton
WASHINGTON, D.C. (Oct. 29, 2009) — Congressman Ike Skelton (D-Mo.) announced today that the U.S. House of Representatives has approved H.R. 3854, the Small Business Financing and Investment Act, legislation to extend the small business lending programs created by the economic stimulus bill and to modernize most SBA capital access programs. This legislation, which Congressman Skelton cosponsored, would also increase the size of the loan SBA can offer and create the Rural Lender Outreach Program, which reduces application burdens for small business borrowers, increases loan guarantees, and encourages banks to lend to rural entrepreneurs. Also, the legislation would also promote veteran-owned businesses.

“Small businesses are the engine of job creation and economic growth in this country. But, the current economic crisis has hit small businesses particularly hard, cutting off access to credit and investment dollars.

“I am pleased that the House of Representatives has supported this legislation. The Small Business Financing and Investment Act is good for the Fourth District, where small business jobs dominate the economic landscape, for rural entrepreneurs, and veterans,” said Skelton.

H.R. 3854 was approved by the U.S. House of Representatives by a vote of 389 to 32. The U.S. Senate must consider the legislation before it is sent to the President for his signature.

Congressman Ike Skelton (D-Mo.) serves as chairman of the House Armed Services Committee. Congressman Skelton’s website is at www.house.gov/skelton.

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