House Panel Promotes Beefing Up Small Business Assistance

Yesterday the House Small Business Finance and Tax Subcommittee cleared two bills intended to provide additional financial assistance to America's small businesses through the current economic downturn. The first, sponsored by Indiana Congressman Brad Ellsworth, updates the SBA microloan program, offerring up to $35,000 start up loans for new small businesses established by low income, woman, minority and military veteran borrowers. The second, sponsored by Arizona Congressman Ann Kirkpatrick, adds a $120 million reauthorization of SBA's New Markets Venture Capital Program, aimed at assisting small businesses in low income geographic areas reduce energy consumption and update manufacturing machinery and equipment.