Honorable Steve Kagen, M.D.

Wisconsin's former 8th District Representative

January 4, 2007 to December 22, 2010

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Kagen Co-Sponsors ‘Loans for Main Street’ Bill


May 10, 2010                               



Capital Access for Main Street (CAMS) bill will free up loans for small businesses


APPLETON, WICongressman Steve Kagen, M.D. is working hard to create the jobs we need.  Privately owned businesses are the best creators of new higher-wage jobs, but many small businesses still need access to loans and capital to avoid layoffs and start hiring new employees. 

As co-chair of the Congressional Business Owners caucus, Dr. Kagen co-sponsored the Capital Access for Main Street (CAMS) Act, which was introduced late last week and would help these small businesses on Main Street get access to the kind of capital and loans they need. 

“As I travel across Northeast Wisconsin, small business owners continue to tell me the same story,” said Dr. Kagen.  “People who run sound businesses and pay their bills on time are still having difficulty getting access to credit.”  

CAMS will temporarily allow small banks with under $10 billion in assets to amortize their losses on commercial real estate over a seven-year period.  As a result, these small community banks, which provide many of the loans to our small businesses, will have more liquid capital available to make responsible loans.

“Small businesses drive our economy,” continued Kagen, “and it is impossible to continue to create the jobs we need without them.  This bill will enable our community banks to quickly extend capital to our small businesses and communities, which is critical to our economic recovery.  In turn, these small businesses will be able to retain and hire new employees.”

The TARP Congressional Oversight Panel estimated banks hold approximately $1.4 trillion in commercial real estate debt coming due over the next three years.   The current rules require banks to write down all of this debt all at once, which reduces the bank’s available capital and impairs its ability to lend to small businesses.

Amortization was used during 1980s to deal with the significant strain banks experienced from the agriculture industry and helped the participating banks weather the storm. 

The Capital Access for Main Street Act will help small businesses, which account for approximately 70% of all new jobs created.



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