Weiner Hails Increased Loans for Small Businesses

The past year’s economic climate has not been kind to small business owners. But struggling owners have found that it is now simpler to get a federal loan in New York City.

A study released by Representative Anthony Weiner (D-Kew Gardens) showed federal small business loans in the city were up 45 percent compared with the prior year. In Queens, the loans were up almost $20 million, a 41 percent increase.

With the exception of Staten Island, every borough saw significant gains in small business lending. Leading the pack was the Bronx, which saw a whopping 62 percent increase in the amount of money received by small businesses, or $9,980,500 in additional funds in 2010. Manhattan businesses experienced the biggest bump in the number of loans received, from 239 loans in 2009 to 376 loans in 2010 –
a 57 percent increase.

Weiner has fought for Queens’ small businesses for years. In the past two years, Weiner has supported the 2009 Recovery Act, which made it easier for banks to offer SBA loans to small business owners, the 2010 Small Business Jobs Act, which strengthened the Recovery Act and provided $12 billion in new tax cuts for small businesses, and the 2010 Small Business Job Act, which provides tax credits for businesses that hires unemployed workers and retains the employees for a full year.

“Small businesses are the backbone of New York City’s economy, and they have borne the brunt of our nation’s recent downturn,” Weiner said. “The increase in loans to small businesses is extremely encouraging, because access to credit is vital to helping these businesses get back on their feet and putting Americans back to work.”