FOR IMMEDIATE RELEASE
ICBA Applauds House Passage of Small Business Lending Fund Act of 2010
Community Banks Can Keep Credit Flowing to Main Street
Washington, D.C. (June 17, 2010)—Independent Community Bankers of America (ICBA) Chairman Jim MacPhee, CEO of Kalamazoo County State Bank in Schoolcraft, Mich., issued this statement today following House passage of H.R. 5297, the Small Business Lending Fund Act of 2010.
The Small Business Lending Fund is a fresh, bold new program that will go a long way toward aiding our nation’s economic recovery in cities and towns throughout America. ICBA applauds the House for passing this vital legislation. The legislation passed today will help interested community banks access capital to increase their lending to small businesses, the economic engines that drive local economies, and keep credit flowing on Main Street. In fact, the $30 billion fund could translate into as much as $300 billion in new credit to local small businesses.
ICBA urges the Senate to pass this legislation and for it to be enacted into law.