Rep. Maloney proposes new bill for small businesses

December 10, 2011 2:55:04 PM PST
New York Congresswoman Carolyn Maloney is proposing legislation to increase the availability of micro-loans for small businesses.

The democrat made the announcement Saturday at the Field Center for Entrepreneurship in Manhattan.

"With so many young people that are talented, that are graduating from our fine universities and schools and don't have an opportunity to find a job; this is an opportunity for them to start their own start-up, their own business," Rep. Maloney said.

Maloney says the bill would create jobs by using federal grants to help private investors loan money to entrepreneurs.