Washington, D.C. – U.S. Senator Mike Enzi, R-Wyo., said Wyoming small businesses negatively affected by the events of Sept. 11 will have a better chance to secure emergency loans needed to sustain their business.

Enzi cosponsored S. 1499, the American Small Business Emergency Relief and Recovery Act, introduced by Senators John Kerry, D-Mass., and Kit Bond, R-Mo., and passed by the Senate unanimously last week. The legislation is designed to give small businesses greater access to Small Business Administration (SBA) loans and management counseling in order to help them meet payments on existing debts, finance their businesses and maintain jobs.

"Small business is holding our economy together right now and it is very important that they have the necessary resources to continue to produce results now and for tomorrow," said Enzi.

Enzi said the legislation would address the needs of small businesses struggling before the Sept. 11 attacks because they were not able to obtain loans through traditional lenders and would stimulate job creation and investment by creating incentives for borrowing and lending. This would be done by, among other provisions, reducing the borrower's upfront guarantee fees and the lender's annual guarantee fee and creating additional incentives for plant construction and equipment acquisition loans.

The House is expected to take up the Senate's version of the bill shortly after the April home state work period.

The President's Plan

Enzi, a member of the Senate Small Business Committee, also commended President Bush for his announcement of a small business agenda last week. Enzi said it would give small businesses the jump-start they need to create new jobs, support their workers and improve the nation's economy.

"There is no other issue more important to the economy than small business," said Enzi. "I am so pleased that the President has recognized this and has laid out a plan that will continue to encourage small businesses to succeed."

The President's small business agenda would provide new tax incentives for job creating investments, help provide health care for uninsured employees and better health care options for already insured employees, give small businesses a voice in the federal regulation process and ensure full and open competition to government contracts.