Pelosi Applauds President Obama's New Small Business Lending Initiatives;

Contact: Brendan Daly/Nadeam Elshami/Drew Hammill, 202-226-7616

Washington, D.C. - Speaker Nancy Pelosi issued the following statement today on President Obama's announcement in Landover, Md. of a package of initiatives that will increase credit to small businesses:

"Small businesses represent our nation's most robust job creation engine. I commend President Obama for his efforts to make credit more easily available to small businesses. Providing incentives for community banks and community development financial institutions to lend in low- and moderate-income communities will help create jobs, fueling our economic recovery.

The President also signaled strong support for increasing loans provided under the Small Business Administration. Next week, the House will consider comprehensive legislation to modernize SBA's capital access initiatives. This legislation will dramatically increase small business lending and help save or create more than 1 million jobs each year.

These combined steps will provide small businesses access to capital, make it easier for start-ups to hire workers, grow and thrive, and equip America's entrepreneurs with the tools they need to get our economy back on track. As the heart of Main Street, small businesses deserve no less."