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June 21, 2010
Etheridge Votes to Create Jobs and Strengthen North Carolina Small Businesses
U.S. Rep. Bob Etheridge (D-Lillington) today last week in favor of The Small Business Jobs and Credit Act. This legislation will leverage $300 billion in lending for small businesses and create hundreds of thousands of jobs.
"As a former small business owner, I know that small business is the engine for prosperity and jobs in North Carolina," Etheridge said. "Small businesses have created two-thirds of the new jobs over the last 15 years, and this legislation will give them the capital they need to put more North Carolinians back to work."
With Bob Etheridge's vote The Small Business Jobs and Credit Act passed the House by a vote of 241-182. The legislation will help small businesses expand through investments in small banks that focus on lending to local small businesses. A new $30 billion lending fund will spur job creation across America and includes tough performance-based safeguards to ensure that funds go to American small business.
The bill also offers tax incentives to spur immediate investments in America's small businesses. These reforms will lower the capital gains taxes on small business investments, and increase tax deductions to help entrepreneurs to recover more start-up expenses.
"This is a good bill that builds on my work to spur our economic recovery and create more jobs, especially for small businesses in North Carolina," Etheridge said. "Too many small businesses have been unable to get the credit they need to expand and serve their customers. This bill is going to do something about that."
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