(CNN) - The president of the National Small Business Association on Sunday morning endorsed congressional Democrats' and President Obama's small business jobs bill.
The bill will "will free up a lot of credit for small companies at a very low cost of capital for the government," Todd McCracken told Candy Crowley on CNN's State of the Union.
"Putting money in the pockets of both consumers and small business people so they can take advantage of the opportunities when they come along is crucial," McCracken said.
The bill authorizes the creation of a $30 billion lending fund that would deliver ultra-cheap capital to community banks. It also provides $12 billion in tax relief to small businesses between 2010 and 2020, and $1.5 billion in grants to state lending programs.
Senate Republicans blocked the bill from a vote before Congress' August recess. They oppose the bill because they say it doesn't do enough to encourage small businesses to create jobs.