Small Business Access to Capital and Efficiency Act

Floor Speech

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Mr. Speaker, I rise in strong support of H.R. 6348, the Small Business ACE Act.

This important legislation updates SBA's outdated real estate appraisal threshold for the 504 loan program. It is vital for our country's small businesses that we keep current laws in sync with what is going on in the commercial market.

More importantly, this commonsense fix ensures as many small business borrowers as possible can affordably access the capital they need to grow their businesses and create jobs.

Finally, I would like to take a moment to recognize the chairman for his continued willingness to work across the aisle. He and his staff have set a bipartisan tone that I think all of us on this committee can be proud of. As a result, we are carrying out our responsibilities in a timely manner with input from both Republican and Democratic Members.

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Ms. VELAZQUEZ.

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Ms. VELAZQUEZ. Mr. Speaker, in closing, with this legislation, we are only responding to the reality of the situation in the commercial lending market.

This is a commonsense fix with bipartisan support that will ensure small businesses are not unfairly burdened with appraisal requirements. Doing so allows small firms to allocate their working capital as wisely and efficiently as possible.

Mr. Speaker, I urge Members to support this bill, and I yield back the balance of my time.

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