Microloan Transparency and Accountability Act of 2023
Floor Speech
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Mr. BURCHETT. Mr. Speaker, Mr. Chairman, Ranking Member Velazquez--I believe I got that right; I have been working on it for about 5 years-- it is a pleasure being here with you all.
Mr. Chairman, I appreciate the great work you do. There is nobody, I think, better at the helm of the Small Business Committee than somebody who has actually taken a business and made it into something. That is very American and very cool, and I thank you for your friendship to me and my family.
Mr. Speaker, I rise today in support of H.R. 449, the Microloan Transparency and Accountability Act of 2023.
The Small Business Administration's microloan program helps America's entrepreneurs access capital to help their small businesses grow.
These loans are usually around $13,000; $13,000, the difference between them making it or not. That kind of money would go a long way for a lot of our mom-and-pop stores in the rural areas of East Tennessee that I am proud to represent, and in our inner cities, as well.
Unfortunately, the microloan program has a low participation rate, Mr. Speaker, among our rural businesses. My bill would increase transparency by requiring the Small Business Administration to report data about the program to Congress. This will help us better understand how the program is operating and what we can do to improve it.
Government programs that support small businesses shouldn't be full of waste, and they shouldn't neglect businesses simply because of their ZIP Code.
My bill will increase transparency and establish accountability at the Small Business Administration to ensure it is working on behalf the small businesses everywhere.
I thank my colleagues, especially my sponsor across the aisle who has been my friend for a few years here, for their support on this bipartisan, commonsense bill which passed the House in the 116th and 117th Congresses, and I look forward to seeing the Microloan Transparency and Accountability Act pass the House again today.
I also look forward to the Senate doing their work and taking this up, Mr. Speaker.
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