Weiner Says: Small Business Loans On The Rise
Following a recent announcement that 151,000 new jobs were created in October, Rep. Anthony Weiner released a new study showing that small business loans in Queens are up 41 percent over last year, with more than $69 million in lending distributed in the borough in 2010 alone. Weiner’s study shows that the total number of SBA loans provided to New York City rose 44 percent – from 655 loans in 2009 to 940 loans in 2010.
Similarly, the total amount of SBA loans provided to small businesses in New York City rose from $180,254,300 in 2009 to $262,008,500 in 2010, or roughly a 45 percent increase.
With the exception of Staten Island, every borough saw significant gains in small business lending.
Leading the pack was the Bronx, which saw a whopping 62 percent increase in the amount of money received by small businesses, or $9,980,500 in additional funds in 2010.
Manhattan businesses experienced the biggest bump in the number of loans received, from 239 loans in 2009 to 376 loans in 2010 – a 57 percent increase.
Weiner has long championed the interests of small businesses in New York City, with particular focus on increasing lending and access to credit, which allows businesses to expand, meet payroll, purchase new equipment and even hire new employees. Weiner has supported recent legislation in the 111th Congress to help small businesses, which, he says, has done more to help business owners than any Congress in recent history.
“Small businesses are the backbone of New York City’s economy, and they have borne the brunt of our nation’s recent downturn,” Weiner said. “The increase in loans to small businesses is extremely encouraging, because access to credit is vital to helping these businesses get back on their feet and putting Americans back to work.”
Small Business Legislation in the 111th Congress:
The Recovery Act - signed into law in February of 2009, the “Stimulus” made it easier for banks to offer SBA loans to small businesses by increasing the loan guarantee amount from 75 percent to 90 percent. It also doubled the amount small businesses can immediately write off on their taxes for capital investments and the purchase of new equipment.
The Small Business Jobs Act - signed into law in September of 2010, this legislation reauthorized the Recovery Act’s loan guarantee increase and freed up $30 billion for community banks to lend strictly to small businesses. It also provided $12 billion in new tax cuts for small businesses.
The HIRE Act - signed into law in March 2010, this legislation provides a payroll tax holiday for businesses that hire unemployed workers, and provides an income tax credit of $1,000 for businesses that retain these employees for a full year.