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“ Democratic priorities are clear: we will fight to get the economy back on track, we will create jobs, and we will help unemployed workers. ” |
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Pelosi: 'Restore SBA Funding to Provide the Fuel to Run Our Small Business Economic Engine'
Washington, D.C. -- House Democratic Leader Nancy Pelosi joined Congresswoman Nydia Velázquez of New York, Ranking Democrat on the Small Business Committee, Congresswoman Darlene Hooley of Oregon, and small business leaders at a news conference this morning to announce a bipartisan amendment offered today by Velázquez and Congressman Donald Manzullo of Illinois to restore funding for small business loans, under the Small Business Administration’s 7(a) loan program. The amendment passed by a vote of 281 to 137. Below are Pelosi's remarks:
"Good morning. Thank you all for joining us. I'm pleased to be here with my distinguished colleagues Congresswoman Nydia Velázquez, Ranking Democrat on the Small Business Committee and a champion for small businesses, and Darlene Hooley, who has been a leader in our efforts to help small businesses. I am also pleased to be joined by many small business leaders this morning.
"In June, Democrats held a national Small Business Forum, in which small business owners and leaders came from across the country to tell us directly about the issues facing small businesses and how we can help them. One of their biggest concerns was the lack of access to capital to start new businesses and fund existing businesses. That is why the Small Business Administration's 7(a) flagship loan program is so crucial.
"The 7(a) loan program is SBA's largest small business loan program. It backs $11 billion in loans to many of America's 5.6 million small companies each year, and is especially helpful to business owners who could not qualify for traditional bank loans.
"We know that small businesses are the engine of our economy. They account for more than 95 percent of all private employers, create half of our gross domestic product, and create three out of four of new jobs nationwide.
"Unfortunately, the Bush Administration has proposed a budget that eliminates funding for the 7(a) program, and Republicans rejected an Appropriations Committee amendment by Congressman Jose Serrano of New York to restore funding to the 7(a) program.
"We have one more chance to save the 7(a) program and I urge my colleagues to join us in supporting the bipartisan Velázquez/Manzullo Amendment. This amendment will restore funding for the 7(a) program to provide the fuel to run our small business economic engine."
“ Democrats are united in presenting a New Direction for America, one that will make our nation as strong as its people, one that brings opportunity, security, and prosperity to all Americans. ”
Democratic Leader Nancy Pelosi
