Just one month after the President signed the Small Business Jobs Act, the U.S. Small Business Administration has supported nearly $3 billion in loans to more than 5,000 small businesses across the country.
Businesses benefitting from loans include Peabody Engineering, a tank and fiberglass manufacturer in Southern California that is using a Jobs Act loan to hire 10 more workers, and Caudill Web Design in our nation’s capital, who will use their Jobs Act loan to hire more programmers to meet increased demand.
The White House estimates that the $505 million provided in the Jobs Act will support about $14 billion in small business loans. The Jobs Act also includes $12 billion in tax credits targeted specifically to small businesses and a $30-billion lending fund that will help small, community banks increase their lending to local small business owners and entrepreneurs.
“By unlocking loans for these small businesses, which are America’s biggest job creators, we are knocking down some of the barriers that stand in their way and help create the conditions where they can grow and hire.”
The president signed the bill on September 27 after it passed in Congress with the support of just two Republicans in the Senate (both retiring) and one in the House of Representatives.
Learn more facts about how small businesses are benefiting from the Small Business Jobs Act at www.sba.gov/jobsact.