The regional office of WorkSource in Vancouver rolled out the red carpet for Sen. Maria Cantwell (D-Wash.), who made an appearance at a gathering on June 3 to push federal government efforts to increase small business credit lines so that they can hire more workers.
Against a backdrop with a banner reading, "Helping Business and Workers Succeed," Cantwell touted the Main Street Lending Restoration Act, which proposes to use returned or unused TARP funds to buy troubled assets to open up credit lines for small businesses.
Cantwell's gathering came two months after Sen. Patty Murray (D-Wash.) held a round table discussion with Southwest Washington business owners to discuss the bill.
The Main Street Lending Restoration Act currently is in committee.
"We need to continue to increase access to capital to small businesses to make sure they're growing," Cantwell said.
The bill was introduced by Murray and, according to Jim Haley, CEO of Thurston First Bank in Olympia, would open upwards of $300 billion in lending capabilities among banks, with an eye on increasing hiring among smaller firms.
"Small businesses create jobs when they have credit," Haley said.
The federal government's May job numbers, released last week, showed a gain of 431,000 jobs nationwide. However, the report also indicated a lack of private sector hiring, with 411,000 of May's increase consisting of temporary census positions.
At last Thursday's gathering, Eric Braunwart, founder of Vancouver-based Columbia Gem House, asked Cantwell what she would do to keep jobs created by the Main Street Lending Restoration Act in the U.S.
A former Bank of Clark County customer, Braunwart was forced to lay off staff and trim operations when his credit lines were sold after the bank's failure in January 2009. He only recently began hiring workers again, stating that many desperate workers are taking positions for which they are greatly over-qualified.
"I have guys with 30 years experience in manufacturing sorting little gems," Braunwart said.
Cantwell said that Section 48C of the Internal Revenue Code will provide tax credits for those who keep stimulus created jobs within the U.S. This credit would also provide credits for "green jobs," a number of which Cantwell hoped to see opening up in Washington state.
Cantwell also referred to programs such as the Summer Youth Employment Program which she said she hoped to renew this year.
As the session ended and the crowd dwindled, 26-year-old mechanic Steve Grundy approached Cantwell, letting her know how he expects the proposed bill will help him in his plan to open a Vancouver garage.
"I really enjoyed the speech," Grundy said. "I understand that the money had to be dispersed to certain people first, but it's nice to know it's finally getting to the community."
Braunwart was also excited about the Senator's visit.
He said that, unlike many other politicians, Cantwell really seemed to have the people's best interests in mind, citing a recent Senate floor squabble between Cantwell and BP president Lamar McKay during his recent testimony in the aftermath of the ongoing oil spill in the Gulf of Mexico.
"It was really nice to see her grill that guy," Braunwart said.
Photo Caption:
Sen. Maria Cantwell (D-Wash.), seen above, led a discussion at WorkSource Vancouver on June 3 regarding the Main Street Lending
Restoration Act, a bill currently before Congress that looks to encourage small business lending by buying up troubled assets held by
community banks.
