Bayh pitches small biz legislation

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BY ROB EARNSHAW
TIMES CORRESPONDENT | Thursday, October 16, 2008 | (No comments posted.)

HAMMOND -- U.S. Sen. Evan Bayh, D-Ind., used his annual Hammond job fair Wednesday to discuss his legislation to create up to $400 million in loan guarantees for small businesses.

Bayh stumped for his legislation -- the Small Business Lending Stabilization Act -- the 6th annual Job Fair & Small Business Summit at the Jean Sheperd Community Center.

If enacted, it could immediately reduce the cost of credit to small businesses loaning through the Small Business Association.

"Ninety-Seven percent of all Indiana companies are small businesses, and more than half of all Hoosier workers work for small businesses," Bayh said. "The large companies get all the attention."

Small businesses must pay fees when applying for loans for growth or expansion, Bayh said. These are the same fees that were suspended following 9/11.

"It worked pretty well," Bayh said. "About 20,000 new jobs were created, and loans increased. My proposal is we do that again."

An estimated 2.8 percent fee occurs when small companies first apply for a loans and a 0.7 percent fee for each year of the loans' duration.

"The estimates are that just for next year, this would free up about $190 million for additional loans for Indiana small businesses and -- just in our state -- create about 5,700 new jobs at a time when they're really needed," Bayh said.

Bayh said he was hopeful attendees at Wednesday's job fair would land one of 250 job openings that were available there.

Hammond resident Gilbert Romero, 42, was at the fair looking at various trade booths, hoping to obtain an apprenticeship as a millwright or bricklayer.

"Once you get apprenticed, you can go into a trade," he said. "I like the electrical field too. I'm mainly here for that."

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