The House Small Business Committee convened a hearing on the financial rescue program and found that $1.6 trillion in bailout funds have provided little assistance to small businesses so far.

"Entrepreneurs are facing serious challenges to secure credit on any terms, leaving many to wonder where the $1.6 trillion in bailout assistance has gone," said committee chair Nydia M. Velázquez (pictured), D-N.Y., in a statement. "Our small businesses have historically led our country out of tough times, but now they are unable to secure capital to start up or expand, resulting in lower job creation and growth during a time when we need it.

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