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New Jersey Small Business Development Centers (NJSBDC) Hails Passage of Small Business Job Legislation (H.R. 5297)

Bill Will Result in More Direct Assistance for Small Businesses through the National Network of Small Business Develop Centers

May 20, 2010- Newark, NJ – The New Jersey Small Business Development Centers (NJSBDC) today hailed final passage of the “Small Business Jobs Bill” (HR 5297), which President Obama is expected to sign soon.

“Besides providing tax incentives to small business, this bill will provide $30 billion in lending for small businesses through community banks,” noted Brenda Hopper, NJSBDC state director and CEO. “During this recession and soft economic recovery, financial institutions have been much more constrained in their lending practices and small businesses have faced numerous difficulties in trying to obtain loans. This new legislation is intended to reverse that.”

“This legislation should boost financing opportunities for small businesses, allowing for the creation of much-needed new jobs,” added Deborah Smarth, NJSBDC associate state director and chief operating officer. “The NJSBDC will be working with small business clients here in New Jersey to help position them to capture this new financing.”

The new legislation also provides $50 million in funding for more than 1,000 state Small Business Development Centers (SBDC) throughout the nation to invest in providing comprehensive technical assistance for small business owners and entrepreneurs. Those funds will be distributed through the Small Business Administration (SBA) on the basis of population and will be used to increase counseling and training for small businesses in communities across the country. This is a one-time allocation for SBDCs to increase services at a critical time in the recovery since economic conditions are lackluster. SBDCs were not included in the original 2009 economic stimulus funding under the American Recovery and Reinvestment Act, but, the Congress inserted funding for the SBDC national program to help further pump the economy when it comes to small business development, growth, and jobs.

“Since small businesses create the majority of employment in America and in New Jersey and our state SBDC networks have vast infrastructure and expertise to provide comprehensive assistance in the form of counseling and training for small business, this investment will have a strong rate of return on investment,” said Hopper.

“We’re pleased that Congress recognizes the strong track record of the national network of SBDCs in helping to start and grow businesses and create and retain jobs,” said Smarth. “The economic recovery has been a slow one, but this legislation will allow us to bolster our services to support small businesses so that they can grow and create the jobs that are needed for true recovery.”

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