Small Business Financing And Investment Act Of 2009
Mr. Chairman, I rise today in support of H.R. 3854, the Small Business Financing and Investment Act. I am proud to be an original cosponsor of this bill, which includes language from legislation I introduced, H.R. 3723, the Small Business…
Mr. Chairman, I rise today in support of H.R. 3854, the Small Business Financing and Investment Act. I am proud to be an original cosponsor of this bill, which includes language from legislation I introduced, H.R. 3723, the Small Business Credit Expansion and Loan Markets Stabilization Act.
I commend Chairwoman Velazquez, Ranking Member Graves, and Mr. Schrader for his hard work on the bill before us today.
This year, the House has already passed several pieces of legislation that will help our Nation's small business owners, but it's clear that we still have much work to do. I also want to thank the small business owners in my district for getting together regularly to let me know what is going on with their small business. In fact, we are still hearing from them every day about what's going on and especially the difficulties in accessing credit, which continues to be a major challenge.
Small businesses need capital to grow and create new jobs, but the credit crunch has made it exceedingly difficult for them to obtain loans, which we know firsthand, as my husband owns two small businesses, and that also continually is a difficult time. In times like this, small businesses turn to the SBA. The American Recovery and Reinvestment Act includes several provisions that strengthen the Small Business Administration's ability to help small businesses access capital.
The legislation before us today will enhance the SBA's access to capital programs and build on the progress made by the recovery bill. H.R. 3854 will improve the SBA's flagship 7(a) loan program. It extends provisions in the Recovery Act that reduce borrower fees and increase SBA loan guarantees.
We will also extend the ARC loan program, simplify the application process and increase the maximum loan. To increase lender participation, the bill creates new rural and small lender outreach programs of the SBA.
Finally, we are going to help veteran entrepreneurs by fully implementing the SBA's Increased Veteran Participation Loan Program.
H.R. 3854 will help get credit flowing again for America's small business owners so that they can create new jobs and jump-start our economy.
I urge my colleagues to join me in supporting this legislation.