Small Business Programs Act of 2007

Floor Speech

SMALL BUSINESS PROGRAMS ACT OF 2007 -- (House of Representatives - November 06, 2007)

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Ms. VELÁZQUEZ. Mr. Speaker, I yield myself such time as I may consume.

Mr. Speaker, our economy is constantly evolving and changing. For this Nation's 27 million small firms to be successful, our economic policies must be adjusted accordingly.

While we have made great strides in this Congress to make sure the needs of small business owners are met, H.R. 3866 is the final step in reauthorizing small business assistance programs, ensuring the success and growth of small firms.

Today, entrepreneurs are faced with many challenges. They must compete in a global marketplace, deal with rising energy and health care costs, and find ways to access affordable capital. To alleviate many of these burdens, we have passed initiatives in this Congress that provide the overall tools for entrepreneurial success. We have passed legislation that lowers the cost of loans and gives minorities greater access to SBA programs.

Through H.R. 3567, SBA's investment programs were improved and a new source of equity capital was open to entrepreneurs through angel investment. Also, small business contracting programs has been modernized, accountability has been increased, and fraud has been reduced. This makes sure small firms have fair access to the Federal marketplace and allows them to continue growing their companies and creating jobs.

In the aftermath of Hurricane Katrina, entrepreneurs were faced with delays in disaster loans, overwhelming amounts of paperwork, and a lengthy application process leaving them frustrated and discouraged. The RECOVER Act ensures that the SBA is prepared, has a large, well-trained disaster response workforce, and that delays and poor service encountered by victims of hurricanes do not happen again.

While critical, these initiatives are just the first step. The Small Business Programs Act of 2007 provides the vehicle for SBA's small business assistance programs to run and meet the needs of entrepreneurs in our changing economy. Most importantly, it gives the SBA the necessary resources to continue helping small businesses start and expand.

H.R. 3866 extends SBA's small business assistance programs for the next 2 years. Also, this bill provides the necessary authority for the SBA to carry out its lending and venture capital programs, ensuring SBA's initiatives are the premier lending tools for entrepreneurs.

The SBA and its programs are vital to assisting small businesses across this country. Along with the Small Business Development Centers, Women Business Centers, and SCORE, the SBA has worked to meet the rising demand for services at a time when their budget continues to decrease.

These programs have a proven track record of success, but they require sufficient resources to be able to evolve and modernize. Clearly, in order for small firms to adapt to changing economic conditions, small business assistance programs must be adjusted. There is no larger job creator or greater impact on local communities in this country than small firms.

H.R. 3866 arms small business assistance programs with the tools that allow entrepreneurs to continue spurring economic growth.

I strongly urge my colleagues to vote for the Small Business Programs Act of 2007.

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Ms. VELÁZQUEZ. Mr. Speaker, I yield myself the balance of my time.

Mr. Speaker, there is no question that today's economic environment is increasingly difficult for small firms to thrive in. We have seen record highs in gas prices, unmanageable health care costs and barriers in the way of accessing affordable capital. Now, more than ever, small businesses need assistance programs they can rely on that are well-equipped to meet their needs. With the Small Business Programs Act of 2007 that is exactly what we are giving entrepreneurs.

This legislation ensures that our Nations's 27 million entrepreneurs have access to the business development assistance that they need and deserve. These firms employ one half of our workforce, spur economic development and revitalize our communities. When their businesses are growing and flourishing, the benefits are felt across the country.

With the passage of H.R. 3866, we set program levels for SBA's entrepreneurial assistance initiatives, updating and modernizing them. The primary role of the SBA is to help entrepreneurs who have the drive but need assistance. It is clear that small firms play a crucial role in our economy. By ensuring that these businesses have current and sufficient assistance, we are investing in our communities, helping to create jobs, and benefiting the Nation as a whole.

I would like to take this opportunity to thank Ranking Member Chabot for your collaboration for us to work together in a responsible way, to follow regular order, and I am very proud that every time that we have considered legislation, we have done so in a very inclusive, open way and we can show results. With the passage of this bill, we have passed 15 bills through the House of Representatives. I am very proud of that product. It shows the things that can be done when we respect each other despite our differences. But we show the American public that we are willing to work together on their behalf.

I also would like to take an opportunity to thank the staff that worked on this legislation from the Small Business Committee majority staff, Tim Slattery and Michael Day, and from the minority staff, Barry Pineles, Kevin Fitzpatrick and Mike Smullen. I strongly urge my colleagues to vote for H.R. 3866, the Small Business Programs Act of 2007.

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