U.S. Rep. Jay Inslee recently voted to add an additional $79 million in funding for the Small Business Administration’s (SBA) 7(a) loan program. The program is the most commonly used SBA loan, and backs billions in loans to small businesses each year — including loans to businesses in Kitsap, Snohomish and King Counties. The SBA loan amendment to the Commerce, Justice and State Appropriations bill for FY2005 (H.R. 4754) passed over Majority Party opposition, 281 to 137.

Said Inslee, “Small businesses in Washington State count on these loans to remain competitive and provide valuable products and services to the community. It is a shame that some in Congress tried to cut off this lifeline for our dynamic local businesses. By correcting this injustice, small businesses in the Puget Sound region can continue to bring their entrepreneurial spirit to the local economy.”

This year, the majority leadership proposed to eliminate the Microloan program and to eliminate all funding for small business 7(a) loans. Over the past three years, the Bush Administration broke its promise to open the $285 billion Federal marketplace and create a fair and open federal contracting system, costing small businesses $13.8 billion in lost opportunity each year.

In addition to fighting for funding for the 7(a) loan program, Democrats in Congress have also proposed a new tax credit to help small firms purchase affordable health insurance, full funding for the SBA and its other loan programs for minority-owned firms, tax incentives to help manufacturing firms, and measures to reduce paperwork.