Relief For Entrepreneurs: Coordination Of Objectives And Values For Effective Recovery Act Of 2007
Floor Speech
RELIEF FOR ENTREPRENEURS: COORDINATION OF OBJECTIVES AND VALUES FOR EFFECTIVE RECOVERY ACT OF 2007 -- (House of Representatives - April 18, 2007)
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Ms. CLARKE. Mr. Chairman, first, I want to commend Chairwoman Velázquez for her leadership on this issue and for bringing this bill to the House floor.
I rise in support of H.R. 1361, a bill to improve the disaster relief program of the Small Business Administration and to provide relief for entrepreneurs. This bill addresses the problems with the SBA's disaster loan program, which was implemented to provide timely financial assistance in the form of low-interest loans and working capital for businesses devastated by disasters.
In New York City, after 9/11, small businesses that once prospered near the World Trade Center had difficulty recovering from that tragedy. Four years later, in the wake of Hurricane Katrina and Hurricane Rita, many applicants of SBA disaster assistance were frustrated with the agency's response or lack thereof.
Many businesses found their loan applications were delayed in backlogs that took over a year to process without a well-informed, centralized point of contact within the agency.
For entrepreneurs struggling to get back on their feet, the old adage ``time is money'' is much more than a cliche. Economic distress can quickly digress into systemic unemployment for the thousands of employees and bring extreme hardship to America's families.
I support the intent of this bill because it will ensure that the SBA performs comprehensive, risk-based, disaster planning on an annual basis and that the agency has mechanisms in place to maintain its disaster readiness over the long term.
This new bill will also enhance the SBA's disaster loan program by improving the manner in which disaster loans are processed, approved and disbursed, and by providing the agency with the additional financial assistance tools that are intended to better fit the various needs of small businesses following a disaster.
I will cast an ``aye'' vote in support of an unamended H.R. 1361, and I encourage my colleagues to do the same.
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