ANNAPOLIS, MD (September 23, 2010) – Governor Martin O’Malley issued this statement today following the passage of the Small Business Jobs Act of 2010 in the U.S. House of Representatives:
“With today’s passage of the Small Business Jobs Act of 2010 by the House after passing the Senate earlier this month, we’ve made real progress in getting credit flowing again to our small businesses, enabling them to expand and create new jobs for hardworking Americans. The tough decisions we have had to make to get our economy back on track are paying off, as we move as a State and as a nation from recovery to prosperity.”
Maryland played a critical in helping craft an important provision in H.R. 5297 – the $1.5 billion State Small Business Credit Initiative (SSBCI) to expand the capacity of our small business loan guarantee programs nationwide. Next week, the O’Malley-Brown Administration will kick off a series of credit workshops statewide to ensure our local lenders are aware of all of the State and federal finance programs available to help small businesses access credit.
Governor O’Malley led the charge to create funding for small business loan guarantee programs that 34 states and U.S. territories currently have. The $1.5 billion State Small Business Credit Initiative is based in part on Maryland’s MIDFA program, which has helped leverage more than $2.2 billion of private sector financing for Maryland businesses.
Earlier this year, Governor O’Malley rallied bi-partisan support during a National Governors Association meeting that yielded a letter to the President signed by 28 governors urging the establishment of such programs as the SSBI. He also worked with U.S. Treasury Secretary Timothy Geithner and his team to craft the bill. In addition, at Governor O’Malley’s request, Maryland Department of Business and Economic Development Secretary Christian S. Johansson testified before the House Financial Services Committee earlier this year to make the case for the potential of loan guaranty programs like MIDFA and help move this legislation to its passage today.