Klobuchar, Franken, McCollum, Ellison, Walz Announce Over $18 Million for Minnesota Small Businesses

Press Release

Today, Sens. Amy Klobuchar and Al Franken (D-Minn.) and Reps. Betty McCollum, Keith Ellison, and Tim Walz (D-Minn.) announced that more than $18 million in loans will go to small businesses throughout Minnesota, helping many of them remain open and creating nearly 100 jobs. The loans, which will be overseen by the Small Business Administration, were made available by the Small Business Jobs Act passed by Congress and signed by President Obama in September.

Nationally, $970 million in loans will be issued by local banks and guaranteed by the Small Business Administration.

"Small businesses are the engines of job creation in Minnesota and across the nation," said Sen. Klobuchar. "The Small Business Jobs Act is providing funds that will help our small businesses across the state gain access to credit, which is essential to helping spur economic growth and create jobs."

"While our economy is showing signs of recovery, millions of Americans are still unemployed," said Sen. Franken. "These loans will allow small businesses all over the state to grow and create good jobs for Minnesotans who badly need them."

"Once again, Democrats in Congress have taken swift action to save small businesses and jobs, which are especially critical in this economy," said Rep. McCollum. "Small businesses all across Minnesota will get much needed relief from tight lending standards and high taxes. The federal government's investment in the small business sector will go a long way in helping jumpstart local economic growth and job creation."

"American workers and small businesses are the engine of our economy and ensuring their success is critical to building prosperity for Minnesota's working families," said Rep. Ellison. "These small business loans are just one more tool to empower entrepreneurs and innovators to grow and put more Minnesotans back to work."

"The Small Business Jobs Act is helping the private sector move the ball forward on job creation and economic growth," said Rep. Walz. "I'm pleased to see these SBA loans made to local businesses and I expect that this law will continue to expand private sector lending in the near term through the incentives it provides for small community lenders."