US House Financial Services Committee passes Small Business Lending Fund Act of 2010; seen as helping biotech which would get $1 billion
The USA's House of Representatives Financial Services Committee passed legislation including two important Administration proposals - a Small Business Lending Fund that provides incentives for smaller banks to make new loans, and a State Small Business Credit Initiative that would spur over $20 billion in new lending through innovative state-based programs at a time when states are being forced to cut back on them due to budget shortfalls.
Within this, the biotechnology sector is set to be eligible for around $1 billion. Details have yet to be announced, but the funds will come in the form of tax credits, or as a grant for the many unprofitable companies, covering 50% of project development costs in 2009 and 2010 for companies with fewer than 250 workers.
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