Small businesses across the country got a boost yesterday when Vice President Biden announced that 13 of the nation’s largest banks, in partnership with the Small Business Administration, have committed to increase small business lending by a combined $20 billion over the next three years.
Speaking with SBA Administrator Karen Mills at Wrap Tite Inc. – a small packing and shipping material company in Solon, Ohio – the Vice President told the story of how a recent $1.5 million SBA-supported loan allowed Wrap Tite to purchase and renovate a new facility in Solon, as well as hire five new workers. The new lending commitments announced today means more small businesses like Wrap Tite will have access to the capital they need to help grow the nation’s economy at the local level. As Vice President Biden said, "Small business men and women – who are the engine of economic growth in America – create two out of every three jobs in America."
But, as the Vice President said in Ohio, the lending boost for small businesses is only part of the story, and we cannot stop there. Urging Congress to pass the American Jobs Act right away, he described two key ways the bill would help small businesses grow and hire in Ohio and across the country – by cutting their taxes and putting money back in their customer’s pockets:
Fonte: White House