On Wednesday, the House of Representatives passed an amendment introduced by Rep. Lucy McBath (D-Marietta) to support access to financial services and investment opportunities for small businesses through a $2 million funding increase to the Treasury Department’s Community Development Financial Institutions (CDFI) Fund.
“My district is home to a thriving small business community. I’m proud the House voted to approve my amendment and support opportunities for businesses in Georgia and across the nation to receive financial support,” Rep. Lucy McBath said. “As the metropolitan Atlanta area continues to grow, it’s critical that we support small businesses and the prosperity of our local community.”
These federal dollars will expand the availability of credit, investment capital, and financial services for startups that may not be able to secure larger loans from banks. The House also passed McBath’s amendment to provide $1.5 million in funding for the Alcohol and Tobacco Tax and Trade Bureau, which will support local breweries and distributors in Georgia’s Sixth district.
Both amendments passed as part of the Financial Services and General Government Appropriations package for Fiscal Year 2020, which provides significant funding increases to annual funding for the Judicial and Executive branches and independent agencies, including the Small Business Administration. Funding was also included to protect consumers from defective products, invest in communities, and ensure the integrity of Federal elections.