2017-04-05 / Political Page

Maloney’s Bill To Help Small Businesses Grow

Congress Member Carolyn B. Maloney (NY-12) gathered with New York City Department of Small Business Services Commissioner Gregg Bishop, local Chambers of Commerce, NYC small businesses, and Community Development Financial Institutions at Roberto’s Winds, a thriving small business in Manhattan, to celebrate Small Business Week and to announce her push to prioritize loans for small business growth in developing communities with the reintroduction of her bill, the Investing in America’s Small Businesses Act.

The Investing in America’s Small Businesses Act of 2017, introduced this week, would provide grants to Community Development Financial Institutions (CDFIs) to establish loan-loss reserve funds for small business loans under $50,000, allowing CDFIs to leverage private investments to expand their small business lending programs. These small loans give businesses working capital, help them invest in new equipment or supplies, and have no pre-payment penalties. Rep. Maloney also shared a bipartisan letter she sent to the Appropriations Committee, signed by more than 70 other members of Congress, requesting $250 million for the CDFI Fund in FY18, a $17 million increase from last year. The additional capital would allow the CDFI Fund to expand lending to small businesses as well as larger businesses that struggle to find the credit they need to thrive in low-income and minority communities.

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