WASHINGTON, D.C. – Representative Ann Kirkpatrick earned another win in her fight to help local businesses access needed financial resources today. Members from both sides of the aisle joined together and passed her bill to free up capital for our entrepreneurs as part of the Small Business Financing and Investment Act. Her original H.R. 3722 is aimed at reforming two critical Small Business Administration (SBA) programs to more effectively serve us.

In this economic downturn, many local business owners are struggling to acquire the capital it takes to succeed. Rep. Kirkpatrick’s bill will encourage investment for small businesses in the growing renewable energy field and in low-income areas.

“In Greater Arizona, most of our businesses are small businesses. We are looking to them to create jobs and get folks back to work during these tough times,” said Rep. Kirkpatrick. “We can speed up the recovery by making sure our entrepreneurs have the tools they need, and that means removing the barriers that block them from investment dollars.”

The Congresswoman is a long-time advocate for the clean energy economy, and part of her bill is designed to grow that industry by expanding the SBA’s Renewable Energy Capital Initiative (RECI). This program provides grants to private firms that invest in clean energy projects and guarantees the loans those firms make. Enlarging the RECI means more firms will be able to provide more resources to more small businesses in the field. This should particularly benefit Greater Arizona, which could be a world leader in renewable energy.

H.R. 3722 also streamlines the New Markets Venture Capital Initiative (NMVCI). This program offers grants for private investment companies working in areas without many economic opportunities. It has been successful, but applications to participate in the NMVCI often get caught up in red tape. Rep. Kirkpatrick’s measure will speed up the application process and provide starter funds for firms awaiting final approval.

“The downturn has taken a toll on Greater Arizona, and we need to take action to get our economy back on track,” said Rep. Kirkpatrick. “We have so much potential to bring 21st century jobs to our district, and this kind of effort to spur investment will help us realize that potential.”

Beyond the Congresswoman’s bill, the Small Business Financing and Investment Act includes provisions to help improve microloan programs, expand financing options for small businesses, support Veteran small business owners, enhance the pool of equity capital and capital for early-stage firms, assist small medical practices with purchasing 21st-century information technology and make up for shortcomings in the SBA’s disaster assistance programs.

It passed the House with 250 Democrats and 139 Republicans voting in favor, and will now be considered by the U.S. Senate.

The passage of her bill in the comprehensive legislation marks another victory for Rep. Kirkpatrick in her work as a Member of the Small Business Committee. A leader in helping small businesses thrive in this tough economy, she previously introduced a bill to increase the assistance available to Native American entrepreneurs which also passed the House as part of a larger package. The Congresswoman co-sponsors the bipartisan Small Business Formation and Job Creation Act, which will cut taxes on small business start-ups to make it easier for them to succeed.