Congressman Kim Joins Small Business Roundtable at Joint Base, Introduces Legislation to Increase Access to Capital

WASHINGTON, D.C. – Today, Congressman Andy Kim (NJ-03) introduced the Access Business Credit (ABC) Act to ease tax burdens for community banks to incentivize increased lending to small businesses.

“As the only Member of Congress from New Jersey on the Small Business Committee, I am proud to work as a partner with our small businesses and to use my role on the Armed Services Committee to push for more opportunities and access to work on and around Joint Base McGuire Dix Lakehurst,” said Congressman Kim. “I’ve heard from dozens of small business owners across Burlington and Ocean counties who struggle to access the capital they need to grow and thrive. My bill would expand opportunity for our local entrepreneurs and help create an environment where they can succeed. This would be a big help to a lot of businesses in New Jersey, and I hope my colleagues will join me in pushing for passage of this bill.”

Congressman Kim continues to work closely with the small business community to address their needs. On October 20th, he spoke with the Small Business Roundtable and other small business leaders at an Industry Day at Joint Base McGuire-Dix-Lakehurst. In conversation with local entrepreneurs, the group discussed the need to expand opportunities for small businesses through government contracts and loans.

“Access (or rather the lack of access) to capital is perhaps one of the biggest impediments to small business growth,” said Ed Eichen, President of the OAK Group. “Increasing the availability and lowering the cost of lending to small businesses would have an immediate and direct effect on business growth and hiring. I want to thank Congressman Kim for bringing this bill up in Congress so we can help our small businesses here in New Jersey.”

There are more than 13,000 small businesses in New Jersey’s 3rd Congressional District alone, employing nearly 125,000 people. The Access Business Credit Act would utilize the U.S. banking system to incentivize small business lending and help expand credit availability and job opportunities for local entrepreneurs. Small businesses employ roughly half of the nation’s private-sector workforce.

To support small businesses, the Access Business Credit Act would:

• Amend the Internal Revenue Code so smaller community banks can exclude qualified interest received by a lender for small business loans for tax purposes from their gross income.
• Eligible small business loan banks can deduct two types of interest, if neither type exceeds $5 million.
  1. Interest incurred in the ordinary course of business of a small business
  2. Interest secured by land used or held by a small business in conjunction with farming operations
• Qualified lenders could have no more than $50 billion in total assets.

The Access Business Credit Act has been endorsed by the Chamber of Commerce and the Independent Community Bankers of America (ICBA).

Congressman Kim is a member of the House Committee on Small Business. Congressman Kim previously introduced the bipartisan Put Our Neighbors to Work Act, to expand federal contract opportunities for local workers, the BUILD Veterans Businesses Act, and Microloan Improvement Act of 2021. He also previously voted to pass the Relief for Restaurants and other Hard Hit Small Businesses Act and CHIPS and Science Act, unlocking jobs for local manufacturers. More information about Congressman Kim can be found on his website by clicking here.

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