Senator Gillibrand Praises President's Focus on Small Businesses

Press Release

New York Senator Kirsten Gillibrand today praised President Obama's new efforts to assist small businesses by improving access to loans. Across New York, thousands of small businesses have had to close their doors as credit has dried up as a result of the financial crisis.

"There are close to 2 million small businesses in New York, and these small businesses employ more than half of New York's workers," Senator Gillibrand said. "As we strengthen our efforts to generate an economic recovery, we need to make sure that New York's small business owners and entrepreneurs are not left out. I am committed to continuing to work with President Obama to make sure that small businesses remain the engine of our economic recovery."

Many of New York's largest companies - from Pfizer, to Wegman's, to IBM - have their roots in small businesses which grew into larger firms. Nationwide, small businesses are responsible for as much as 80 percent of new jobs, according to the Small Business Administration (SBA).

The President's plan would use money from the Economic Recovery and Reinvestment Act to expand the SBA underwriting of new small business loans. Under the plan, the SBA would guarantee up to 90 percent of new small business loans. Additionally, the plan would dedicate up to $15 billion in new investments to improve credit access for small businesses.

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