Press Releases

(Washington, DC) -- Today, U.S. Congresswoman Gwen Moore (D-Milwaukee) backed legislation that passed the House Financial Services Committee to help community banks increase lending to small businesses to help create jobs and foster economic growth.

Congresswoman Moore, a cosponsor of the legislation and member of the House Financial Services Committee said, “Wall Street and big banks caused this crisis, but Main Street has continued paying the price.  This bill helps community banks and small businesses that have been struggling in this recession.”

Specifically, the legislation will increase capital at community banks to spur small business lending.  The bill would make $30 billion in loans available to community banks at a five percent rate and provides incentive for banks to increase lending.  The loan’s interest rate can drop to as low as one percent the more a participating bank loans to small businesses.   

Many small businesses have indicated that the lack of access to credit is a major impediment to growth.

Moore continued, “Small businesses are the backbone of our economy and have created more than half of our nation’s new jobs over the past 15 years.  This bill will help small businesses that are ready to grow and create jobs, but have been held back because of limited access to credit.”

The bill is expected to come before the full House in the coming weeks.

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For an interview with Congresswoman Gwen Moore, please contact David Frey at 202-225-4572.