Small Business Jobs Act would generate $300 billion in loans

The U.S. Senate has voted to begin discussion on the Small Business Jobs Act. South Carolina Small Business Chamber of Commerce President Frank Knapp joined a group of Senators on Capitol Hill on Tuesday to tout the proposal. Knapp also serves as spokesman for the American Sustainable Business Council, a coalition of 23 business networks representing more than 50,000 companies, investors and professionals nationwide.

The proposal would mean $300 billion in loans to small businesses. Knapp says over 10 years the plan would generate more than $1 billion for the federal government.

Knapp says the Small Business Jobs Act is desperately needed now, since other loan resources for small businesses have dried up.

AUDIO: Knapp on small business loans (:52)

Knapp says debate on the proposal didn’t move forward in the Senate until a few Republican senators stepped forward this week to support it. He says the support has been almost all from the Democratic side.

It was only partisan due to the fact that this is an election year and some Republicans who normally would have voted for the bill were arguing for more amendments. They didn’t have any problem with what was in the bill. It’s unfortunate that we have such a partisan atmosphere in Congress now but those are the times we live in.

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