WASHINGTON DC – The House of Representatives on Sept. 23 voted in favor of the Small Business Lending Fund Act of 2010 (H.R. 5297), which passed by a 237- 187 vote.

This bill will expand much needed lending to millions of small businesses across the country and offers tax incentives to help small businesses.

Congressman Mike Thompson (D-St. Helena) voted in favor of the bill.

“I’ve heard from many small business owners in our district that need access to loans to hire additional employees or expand their business, and that is exactly what this bill does,” Thompson said. “Small businesses have been responsible for a majority of the new jobs created over the past decade and we should give them access to the resources they need to continue hiring.”

Small Business Lending Fund Act gives small businesses access to $12 billion in tax cuts and expands their access to private capital to finance an expansion and hire new workers.

It also creates a $30 billion Small Business Lending Fund to provide community banks with additional capital to increase their lending to small businesses.

The Small Business Lending Fund Act is fully paid for and will not add to the national deficit, Thompson reported.

This bill was supported by National Small Business Association, Small Business Majority, National Retail Federation, National Restaurant Association, Hispanic Chamber of Commerce, Independent Community Bankers of America, American Bankers Association, Financial Services Roundtable, Business & Professional Women’s Foundation, International Franchise Association, Motor & Equipment Manufacturers, and the National Association for the Self-Employed.

The Senate passed th bill by a 61-38 vote the previous week. It will now be sent to President Obama to be signed into law.