-9999
Floor Speech
BREAK IN TRANSCRIPT
Mrs. McIVER. Mr. Speaker, I rise today in support of H.R. 1804, commonsense and bipartisan legislation, which I am proud to co-lead with my colleague, Congressman Meuser, to bring better oversight and real accountability to one of the Small Business Administration's most important loan programs, 7(a).
Mr. Speaker, small business owners aren't asking for easy. They are asking for a fair shake and a real shot. That is what the 7(a) loan program is supposed to do: help turn grit and a good idea into a successful business.
This program is the reason that someone with a solid plan or a good business but without a big investor or family money can still open up shop.
When small business owners step up with a vision, a diner on the corner, a new chapter for the family plumbing business, or a pet supply store, it is on the government to make sure the tools we have to support them actually work. Right now, they don't.
There hasn't been sufficient oversight of this program, and that means we haven't been doing all that we can to protect small business owners from fraud.
Over the last decade, there has been more than $335 million in documented loan agent fraud. That is why this bill matters.
It tackles this problem in two ways.
First, it creates accountability for loan agents by making sure that the people who connect businesses to resources don't operate in the dark.
Second, by requiring information on loan performance, default rates, and risk analysis, it gives Congress the data we need to do our jobs, making sure the 7(a) program works as intended, and protects small business owners.
It is on us to make sure that the programs we use to support small businesses actually work and work honestly.
Ensuring 7(a) loans work is important because the program is a lifeline. It is a way to make sure that when people go to apply for a loan, they are walking into a fair process, not a rigged one.
Whether it is the mom in Newark who wants to open up a store or the first-generation American in Bloomsburg, Pennsylvania, who wants to bring a taste of home to town, small businesses create good jobs. They give back. They reinvest, and they show us what is possible in our communities.
H.R. 1804, our 7(a) Loan Agent Oversight Act, is a smart, targeted fix and will help make sure that small business owners' dreams stay attainable.
Mr. Speaker, once again, I thank my colleague for co-leading this bill with me, and I also thank our ranking member and our chairman for their support. I urge my colleagues to support this bill.
BREAK IN TRANSCRIPT
Source