Idaho Congressman Mike Simpson today supported passage of a bill to assist small businesses. H.R. 3854, the Small Business Financing and Investment Act of 2009, is made up of eight individual bills that deal with a variety of small business loan programs. 

“Although Republicans and Democrats unfortunately find little to agree on these days, we all agree that small businesses play an absolutely crucial role in our economy,” said Simpson. “They enhance innovation, enrich communities, provide jobs, and will lead the way out of this recession.”

Among other things, the bill strengthens the Small Business Association’s (SBA) ability to help credit worthy small businesses access capital through loans. It increases the amount lenders can provide, streamlines the loan process, and makes loan guarantees to small health care firms purchasing health information technology. According to the bill’s sponsors, it could create and sustain as many as 1.3 million new jobs.

H.R. 3854 specifically directs the SBA to further support small businesses in rural areas, in low-income areas, businesses in the renewable-energy industry, businesses owned by veterans and those owned by young people. “Many small businesses are being turned away by lenders because of the current economic climate,” Simpson said. “This bill will make sources of financing more accessible.”