Passage looked pretty dicey earlier this week, but a bill that would increase lending to small businesses cleared the filibuster hurdle late Thursday.
Two Republicans joined the Democrats in a 60-37 vote.
Tennessee Senators Lamar Alexander and Bob Corker voted against the bill. I doubt if they will support the bill when it comes up for a final vote, but they should.
Although the bill is imperfect, it would provide $30 billion in desperately needed capital to small businesses.
Small businesses across the country will be watching this month when the Senate takes up the Small Business Lending Fund Act. The House passed its version of the bill last month.
The act would provide $30 billion to community banks to loan to small businesses. But to the small biz community it’s a big deal.
Businesses that have found it next to impossible to borrow money in today’s economy would surely love to have access to a new source of capital. Will the Senate give’em a hand or will politics get in the way?
Click here to read my column on the issue in Sunday’s News Sentinel.