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ICBA Applauds Passage of Small Business Jobs and Credit Act

Urges Bank Regulators to Promptly Implement Program as Congress Intended

Washington, D.C. (September 23, 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 the Small Business Jobs and Credit Act (H.R. 5297), which will establish a $30 billion Small Business Lending Fund (SBLF) for interested community banks to expand small business lending. The legislation also includes beneficial Small Business Administration (SBA) program lending incentives and small business tax cuts.

"ICBA applauds the House for passing this beneficial legislation, which will aid Main Street America during this critical economic time. Our nation’s small businesses are the economic engines that drive local economies, and community banks which are nearly 8,000 strong nationwide, are instrumental in providing credit these local businesses need. This legislation allows capital to flow through interested community banks. The SBA and tax incentives in this act will also help interested community banks enhance the flow of credit to small business customers.

"Now that the $30 billion SBLF has been passed by Congress and the president will sign it into law, ICBA urges bank regulators to quickly implement the program so that this Treasury capital fund can be deployed and get much-needed capital into the hands of small business owners so they can create jobs, promote economic stability and allow America’s Main Street communities to thrive once again."

For more information, visit www.icba.org.