Bean sees hope in small business, stimulus bill

U.S. Rep. Melissa Bean praised Schaumburg's small business owners Tuesday, telling them they're providing the true route to recovery from the nation's economic woes.

Bean, a Barrington Democrat representing the 8th Congressional District, spoke to the Schaumburg Business Association at its monthly breakfast meeting to talk about local effects of the federal economic stimulus bill she supported this winter.

"As we are in these unprecedented economic times, it really is you," Bean said. "It's the peddlers of America that are going to get America back on track, so give yourselves a hand."

Among other recent sources of economic stimulus in the region are the additional spending money that has come with home refinancing and the number of transportation projects providing construction jobs, Bean said.

"Foreclosures that were on the rise last year have at least leveled off," she added.

But one of the necessary steps on the road to recovery is seeing the bottom of the housing market, Bean said, which she doesn't believe anyone thinks has happened yet.

Some positives amid the gloom, however, have been a healthier bond market and a $15 billion package she announced with President Obama for small business loans. But new businesses, so far, have been relatively cautious and targeted to specific markets believed to still be healthy, she said.

Other local good news from the economic stimulus bill has been seeing Schaumburg-based Motorcoach Industries working its way back from Chapter 11 bankruptcy and Warren Township High School saving $2.5 million on building projects, Bean said.

While the free market should always experience rises and falls, the role of the federal government should be to help people deal with such extremes as this one, she said.

"We never avoid downturns," Bean added. "If we avoid all downturns, it means we're not taking any risks. In Congress, we're working to stay connected to the business communities."

Bean was also presented Tuesday with her fourth Spirit of Enterprise award from the U.S. Chamber of Commerce, given to legislators with at least a 70 percent voting rate on issues that promote business and economic stimulation.