Oct 13, 2011
Lance Opposed $33.8 Million To Help New Jersey Small Businesses
Governor Chris Christie announced that the State of New Jersey has been approved by the U.S. Department of Treasury for $33.8 million in funding through the State Small Business Credit Initiative (SSBCI), part of the federal Small Business Jobs Act of 2010, to encourage small business lending and job creation in the state. But, if Congressman Leonard Lance (NJ-07) had his way, New Jersey would not have received a dime. Last year, Congressman Lance voted twice against the Small Business Jobs Act of 2010, which is now providing this funding to help small businesses.
Not only did Congressman Lance vote against the funding for New Jersey small businesses, he called it “yet another taxpayer-funded bailout that will drive up our $13 trillion national debt and crowd out funding in the private market for New Jersey’s small businesses.”
This in stark contrast to Governor Christie, who praised the news, saying, “This funding being made available through the State Small Business Credit Initiative will strengthen our ongoing efforts to help small businesses succeed and grow in our state and create good paying, lasting jobs for New Jersey families.”
“Congressman Leonard Lance did his best to stop it, but New Jersey small businesses will now benefit and have an increased ability to create jobs and grow New Jersey’s economy,” said Josh Schwerin, Northeast Press Secretary at the Democratic Congressional Campaign Committee. “We all recognize the need for fiscal responsibility, but in his partisan zeal, Congressman Lance would prefer to make small businesses carry the burden rather than end taxpayer subsidies for Big Oil companies or the ultra rich.”
Despite Lance’s opposition, the Small Business Jobs Act passed, and the $33.8 million State Small Business Credit Initiative grant for New Jersey was announced on Wednesday.
Background
New Jersey to Receive $33.8 Million in Federal Funding from Small Business Jobs Act. On October 12, 2011, Gov. Chris Christie announced that New Jersey would receive $33.8 million over two years in federal funding from the State Small Business Credit Initiative, part of the Small Business Jobs Act of 2010. Christie praised the funding, saying, “This funding being made available through the State Small Business Credit Initiative will strengthen our ongoing efforts to help small businesses succeed and grow in our state and create good paying, lasting jobs for New Jersey families.” [Christie Press Release, 10/12/11]
Lance Voted Against Small Business Jobs Act Twice. On June 17, 2010, Lance voted against the Small Business Jobs Act of 2010. The bill passed the House by a vote of 241-182. On September 23, 2010, Lance voted against the Senate-amended version of the Small Business Jobs Act of 2010. The motion passed by a vote of 237-187. The bill was signed into law on September 27, 2010. [H.R. 5297, Vote #375, 6/17/10; H.R. 5297, Vote #539, 9/23/10; Public Law 111-240, 9/27/10]
Lance: Small Business Jobs Act Won’t Benefit New Jersey. On June 17, 2010, Lance referred to the Small Business Jobs Act of 2010 as “TARP 3.0,” and said the legislation would not help New Jersey small businesses. “This $32 billion proposal put forth by the Democratic Leadership is yet another taxpayer-funded bailout that will drive up our $13 trillion national debt and crowd out funding in the private market for New Jersey’s small businesses,” he said. “Instead of learning from the mistakes of the first two TARP bank bailout bills, the Majority Party has recklessly passed TARP 3.0.” [Lance Press Release, 6/17/10]
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