Rep. Kind Applauds President Obama for Expanding Access to Capital for Small Businesses
WASHINGTON, DC – U.S. Rep. Ron Kind (D-WI) applauded President Obama for his announcement today that the Treasury Department will purchase up to $15 billion in securities that are tied to small business loans. The securities market plays a key role in helping small businesses access capital to make investments and create jobs. Without this key line of credit, small businesses struggle to get the loans they need at rates they can afford.
“Small businesses are the engine for economic growth throughout western Wisconsin,” Rep. Kind said. “President Obama knows that small businesses are one of the driving forces that will pull us out of this economic downturn. I applaud his continued efforts to help business owners obtain the credit they need to help them through these difficult times.”
Small businesses represent more than 95% of all employers in America. They are responsible for 50% of the country’s gross domestic product and create 7 out of every 10 new jobs nationwide. In Wisconsin, over 447,000 small businesses, including 340,000 self-employed individuals, contribute enormously to our state economy and communities.
As a member of the Ways & Means Committee, which is responsible for drafting tax legislation, Rep. Kind has strongly advocated for small businesses by introducing legislation to reduce health care costs for the self-employed, modernize the rules for S Corporations, and help small businesses offer retirement plans to their employees.