WASHINGTON, DC- U.S. Senator Bob Casey (D-PA) applauded the initiative outlined by President Obama to create a Small Business Lending Fund to help community banks increase lending to small businesses.
“This initiative can help create jobs and have a multiplier effect by boosting local banks, small businesses and entire communities,” said Senator Casey. “I have heard from Pennsylvania small business owners throughout the Commonwealth that they are still struggling to obtain loans to expand their operation, purchase new equipment and ultimately create jobs. By increasing access to capital and providing a job creation tax credit, we can provide a significant boost to local businesses and encourage hiring.”
Senator Casey has a held a series of roundtables with Pennsylvania small businesses and local officials to discuss job creation initiatives and problems faced by local communities.
Senator Casey is an original cosponsor of The Small Business Access to Capital Act (S1832), introduced in October, which would increase small business loan limits and improve access to capital for small business owners. He also supported initiatives announced by the Obama administration last year to help free up small business credit lines to improve access to capital and create jobs.
Small businesses are the backbone of the American economy and are the real jobs engines of our economy. According to data from the Small Business Administration, between 2003 and 2006 almost 92 percent of job growth in Pennsylvania was generated by small businesses with fewer than 100 employees.
In recognition of this and to have the maximum impact on job creation, Senator Casey drafted his Small Business Job Creation Job Creation Tax Credit (S.2973) to give added help to small employers by providing them with a tax credit of 20% for increases in payroll. Employers with more than 100 full-time employees would receive a 15% credit.