Senator Cantwell promotes helping small businesses
KENNEWICK, Wash-- U.S. Senator Maria Cantwell spent part of her Wednesday in Kennewick before heading to Yakima. Her focus was on job growth.
Cantwell said its critical we get money to small businesses to help stimulate the economy. Her main point of business was to express her support for a $30 billion small business lending fund. The idea is to help some smaller banks start lending more.
"Out of the job growth we have in America, the majority of new jobs--something like 75% of them--are created by small businesses," Cantwell said in a press conference. "And if they are still struggling to get access to capitol, they can't be that engine of economic growth that we've seen in our past economy."
The senator says small business lending has plummeted some $315 billion since the start of the financial crisis. This could leverage most of that money back.
She says the banks would repay the government funds but there's still some question as to where this money might come from.
The idea is to push for it next week in congress, and in theory could help some small businesses later this summer or this fall.