Gillibrand says measure would provide $30 billion to community lenders.
Sen. Kirsten E. GillibrandSyracuse, NY -- Sen. Kirsten E. Gillibrand was in Syracuse Friday, promoting a measure that would make billions of dollars available for small business lending, alter small business taxes and change rules that, she said, would help the economy by helping small businesses.
Gillibrand said she expected the Senate would pass legislation next week that would send more than $30 billion to community banks for small business loans. Another $20 billion fund would support state-funded small business initiatives. The bill would also reduce to zero the tax rate on capital gains for small businesses, eliminate fees on Small Business Administration loans and increase the limit on certain SBA loans from $2 million to $5 million.
A similar measure already passed in the House, said Congressman Dan Maffei, D-DeWitt. He said the measure, including the $30 billion for community banks, would fit within federal budget measures that require all new spending to come from currently available money.
The $30 billion, Gillibrand said, would be repaid as loans were repaid over the next 10 years. The money would be loaned, she stressed, not given out as grants.
John D. Wakefield, president and CEO of Empower Federal Credit Union, attended the afternoon press conference at Centerstate CEO and said that for his organization the higher limits and elimination of fees on SBA loans could make it easier to loan more money to small businesses. He said about half of Empower’s business loans are made with SBA guarantees.
Contact Charles McChesney at cmcchesney@syracuse.com.
