Science, State, Justice, Commerce, and Related Agencies Approriations Act, 2006
SCIENCE, STATE, JUSTICE, COMMERCE, AND RELATED AGENCIES APPROPRIATIONS ACT, 2006 -- (Extensions of Remarks - June 15, 2005)
SPEECH OF
HON. AL GREEN
OF TEXAS
IN THE HOUSE OF REPRESENTATIVES
TUESDAY, JUNE 14, 2005
The House in Committee of the Whole House on the State of the Union had under consideration the bill (H.R. 2862) making appropriations for Science, the Departments of State, Justice, and Commerce, and related agencies for the fiscal year ending September 30, 2006, and for other purposes:
Mr. AL GREEN of Texas. Mr. Chairman, I rise today in support of the Small Business Administration's 7(a) loan program.
The 7(a) loan program is essential for our nation's small business owners. It provides accessible and affordable financing that enables such businesses to grow, which in turn leads to the creation of jobs so desperately needed in the current economy. In the past 10 years, the SBA has approved more than 424,000 loans totaling over $90 billion. These loans have created jobs and economic opportunities for countless Americans.
Small business owners are the backbone of our nation's economy. Representing more than 99.7 percent of all U.S. employers, small businesses are the number one job creator in this nation. They employ more than half of all private sector employees and generate 60 to 80 percent of net new jobs annually. In Houston, 98 percent of the more than 350,000 businesses are small businesses.
Funding for this program was eliminated for FY 2005 and the cost of it was shifted to small businesses and community-based lenders. This has caused small businesses to be charged with high upfront fees which keep many from being able to obtain the financing they need. In fact, small business lending has declined every quarter for a total of half a billion dollars so far this year.
As policy-makers, we have a responsibility to the communities we represent to help them achieve economic strength. Therefore, we must provide small businesses with the resources they need to grow and flourish. One of the most effective ways to do this is to reinstate funding for the 7(a) loan program. If we fail to do this, the 9th Congressional District of Texas and Congressional Districts all over the country will suffer negative impacts.
For these reasons, I support the restoration of funding for the 7(a) loan program to its FY 2004 level of $79 million. I also urge my colleagues to vote "yes" on the Velázquez amendment.
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