Peterson Votes to Improve Access to Small Business Loans

(WASHINGTON, DC) - U.S. Rep. Collin Peterson (D-7th Dist.) voted Wednesday to add an additional $79 million in funding for the Small Business Administration's 7(a) loan program. The 7(a) program is the most commonly used SBA loan, and backs billions in loans to small businesses each year. The amendment passed in the House over Republican leadership's opposition by a margin of 281 to 137.

"Small businesses are vital to economic development in the 7th District," Peterson said. "I was surprised to find that some of my colleagues were trying to cut this proven program."

This amendment for additional funding was added to the pending Commerce-Justice-State Appropriations bill. The initial bill produced by the Republican leadership in Congress proposed to eliminate the Microloan program and all funding for small business 7(a) loans.

"This amendment will help our small businesses secure additional capitol they need to succeed," Peterson said. "This vote was important for businesses and lenders in my district."

In addition to fighting for funding for the 7(a) loan program, Democrats in Congress have also proposed a new tax credit to help small firms purchase affordable health insurance, full funding for the SBA and its other loan programs for minority-owned firms, tax incentives to help manufacturing firms, and measures to reduce paperwork and help smaller firms get government contracts.

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