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LENDING TO SMALL BUSINESSES AFFECTED BY THE GULF OIL SPILL

CONGRESSWOMAN SHEILA JACKSON LEE AMENDS SMALL BUSINESS LENDING FUND ACT OF 2010 TO PROVIDE LENDING TO SMALL BUSINESSES AFFECTED BY THE GULF OIL SPILL

Jackson Lee/Cao Amendment Passes 414-0
Small Business Lending Fund Act of 2010 Passes 241-182

Washington, DC: Congresswoman Sheila Jackson Lee of Houston, Texas, a senior Member of the House Judiciary Committee and Chairwoman of the Transportation Security and Infrastructure Protection Subcommittee of the Homeland Security Committee, announces the unanimous passage of her amendment to the Small Business Lending Fund Act of 2010, H.R. 5297, by a vote of 414-0. The Amendment provides funding to eligible financial institutions that serve small businesses in communities that have suffered negative economic effects as a result of the Deepwater Horizon oil spill with particular consideration to States along the coast of the Gulf of Mexico.

Speaking in support of her amendment, Congresswoman Jackson Lee stated: “This amendment to H.R. 5297 would provide a major impetus in the sustained efforts towards recovery from this unfolding crisis. If small businesses are able to obtain credit, they would again gain the ability to grow, expand, and thus create new job opportunities in the regions affected by the oil spill. This would greatly offset the economic catastrophe that is already emerging in these areas; one that no one could have anticipated less than 57 days ago.”

Congresswoman Jackson Lee also stated: “I will argue vigorously that this is an excellent opportunity to protect small businesses which are going to be impacted across that gulf from tourism in Florida, Alabama, Mississippi, on to the shrimpers, fishermen, oystermen, and to the restaurants that are now in conditions where they are shutting down and where they are letting go of their employees. They are pleading for assistance.”

The House passed the Small Business Lending Fund Act today by a vote of 241-182. Congresswoman Jackson Lee said: “The bill will provide much needed assistance to small businesses that have been denied credit or had their lines of credit restricted because of the liquidity crisis in the financial markets.” Under the Jackson Lee Amendment, co-sponsored by Representative Anh “Joseph” Cao (LA-2), businesses in the Gulf Coast communities suffering from the effects of the oil spill in the Gulf would be the beneficiaries of targeted lending efforts by financial institutions participating in the Fund.

In support of Congresswoman Jackson Lee’s amendment, Congressman Cao stated: “This amendment is a strong step in the right direction to providing desperately needed economic assistance, because it will see that small businesses along the gulf coast receive the credit necessary to keep our businesses alive. At the same time, it will spur new business which will be able to absorb any unavoidable and unfortunate job losses caused by the oil spill.”

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