Recently, I signed on to a bill that would help more folks explore the opportunity to open a small business. Small businesses are the crucial to this country’s economic rebound and we must take every step possible to clear the way for more entrepreneurs to start their own business.

It wasn’t long ago that major corporations drove our economy, but now, small businesses amount for four out of every five new job.

I’m very proud to be a co-sponsor of H.R. 1553, the Small Business Formation and Job Creation Act. If passed, it will raise the new business start-up deductions from $5,000 to $20,000. This would open the door to more potential small business entrepreneurs by freeing up more capital.

The bill would apply to tax years 2009-2011. This will hopefully encourage entrepreneurs to act now, and not wait until the recession passes. It is a bipartisan bill and has strong support from the National Federation of Independent Business.

History shows us that small business formation increases during periods of high unemployment. Small businesses create jobs in our community, and I hope this increased tax incentive will help someone willing to take a chance make their dream a reality.

Small business owners are innovators. At this time in our society, innovators are desperately needed. Our communities need entrepreneurs who are willing to explore green technology or other ground-breaking technologies.

Our efforts can’t just be on encouraging new small businesses, we must help current small business owners to survive in this challenging economic climate. Earlier this month, the Small Business Administration announced a new loan program, known as America’s Recovery Capital loans. I supported these loans as part of the American Recovery and Reinvestment Act signed into law in February.

The loans are no-interest, deferred-payment loans of up to $35,000 available to established, viable, for-profit small businesses that need short-term help to make their principal and interested payments on existing qualifying debt.

The loans will be distributed within a six-month period, and can be used for payments on existing loans for mortgages, term and revolving lines of credit, capital leases, credit card obligations and notes payable to vendors, suppliers and utilities. Repayment will not begin until 12 months after the final disbursement. The business can pay the loan back during five-year period.

While our unemployment numbers remain high and our district continues to struggle, I believe we are seeing signs of hope in this economic nightmare. It has been a long, hard road and there are many miles left to travel before we reach our goal, but I believe we are headed in the right direction and we will once again see our region prosper.

I will continue to support this type of common-sense legislation aimed to help working families and our local communities. You sent me to Washington to fight for the hard-working folks in the 8th District and I promise to continue doing just that.