Small Business Finance News

Congress Needs To Add Small Business Protection To Lending Bill, ASBL Says

Written by Jenna Weiner
Published: 9/24/2010

Chapman says federal dollars being misused

One of the leading small business advocacy groups is calling on Congress to prevent funds from the recently passed Small Business Jobs Act from going to some of the largest corporations in the country.

Entrepreneur Financial News

The American Small Business League, in a statement, said that based on his previous campaign promises, President Obama should do everything in his power to ensure that the federal dollars only go to small businesses that are in dire need of capital.

The president of the ASBL, Lloyd Chapman, said that adding the measure came down to simple common sense.

"This is really a no brainer. One sentence could end the diversion of federal small business contracts to corporate giants, and put more money into the middle class economy more than anything proposed by the administration or Congress to date," Chapman said. "One sentence could infuse the middle class with more than $100 billion a year:

Chapman has been critical of the federal government in recent weeks. The ASBL president made news for small business by highlighting the fact that many small business contracts from the federal government were winding up in the hands of Fortune 500 companies.  

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