Today Congress approved, and President George W. Bush signed, a federal economic recovery bill authorizing the U.S. Treasury to invest of up to $700 billion to calm markets and restore credit availability. And according to OAN Executive Director John Aguirre, that’s good news for Oregon nurseries.

“Nursery growers and retailers, like so many businesses across the country, depend upon credit to sustain their business operations,” Aguirre said. “Typically, the months of November through mid-March represent the leanest part of the annual business cycle for Oregon nursery growers and retailers. Without access to credit during these upcoming months, these companies couldn’t meet payroll and buy the supplies and equipment necessary for next year’s business operations. Access to credit is as essential to the agricultural producer as seed, fertilizer and water.”

Aguirre also praised the move for the positive impact it will have on the broader economy.

“Today, congressional leaders took a necessary step toward shoring up the credit markets,” he said. “Much work needs to be done to bring long-term stability to the financial sector, but we believe today’s action was a vital first step. We applaud the cooperative, bi-partisan efforts of Reps. Hooley, Walden and Wu, and Sen. Smith to pass this legislation. They demonstrated tremendous leadership by safeguarding the nation and Oregon’s business employers from financial disaster.”