NEW YORK—Representative Carolyn Maloney (D-Manhattan, Queens) announced on Saturday legislation to help provide small and new businesses with loans at the Field Center for Entrepreneurship.
“With so many young people that are talented, that are graduating from our fine universities and schools and don’t have an opportunity to find a job, this is an opportunity for them to start their own startup, their own business,” Maloney said.
The bill would use a federal grant of $30 million a year for the next five years, to encourage private investors to make microloans to small businesses, up to $25,000. Maloney says the bill will provide jobs, and will be introducing the bill in Congress on Monday.
“The great recession has made it harder than ever for entrepreneurs to get credit,” Maloney said. “It’s my hope that this ‘micro biz’ bill will be a bridge to a brighter economic future.”
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