Today Senator John Kerry (D-Mass.), Chairman of the Committee on Small Business and Entrepreneurship, introduced legislation to address the expanding credit crunch, which is now beginning to squeeze small businesses. His bill would reduce loan costs and help more entrepreneurs access the capital they need to start and grow their businesses. On Monday, the Federal Reserve released a report showing one third of U.S. banks have tightened their lending standards for small business loans. Government guaranteed loans are also down by up to 23 percent.
The mortgage crisis that is forcing hundreds of thousands of families to sell their homes or face foreclosure is now preventing many small businesspeople from getting the financing they need to start or grow their businesses, said Kerry.
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