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Small Business

Business has played an integral role in my personal life and professional career. As a graduate of the Wharton School of Finance, a small business owner, and a member of the House Financial Services Committee, I understand the vital role small businesses play in our economy. As a representative for Metro Atlanta, I have seen economic development spurred by the vitality of small businesses help the city gain greater national significance. The large growth in minority-owned businesses significantly contributed to this outstanding growth. According to the Atlanta Regional Commission, in the last 5 years, minority owned businesses increased by 72 percent. I pledge to promote this important growth in the Atlanta area and remain fully committed to ensuring that small businesses continue to thrive.

The relationship between minority-owned businesses and the federal procurement marketplace continues to strengthen. In general, small firms were awarded $79.6 billion in contracts, according to data from the Federal Procurement Data System-Next Generation. Small disadvantaged businesses met the 5 percent goal, reaching 6.91 percent or $21.71 billion. Participants in the SBA 8(a) program were awarded 3.33 percent of the total FY 2005 procurement dollars. In light of these promising figures, I was pleased to vote for H.R. 1873, the Small Business Fairness in Contracting Act, as it would go further to raise the goal for contracts awarded to minority and women-owned businesses from 5 to 8 percent.

I was also pleased to vote for H.R. 1332, the Small Business Lending Improvements Act, in an effort to improve access to SBA capital, including the 7(a) and 504 finance programs. Small businesses drive our economy and are vitally important to my home state of Georgia. The 7(a) Loan Program brought in $562.8 million in loans to Georgia last year alone. This legislation also expands opportunities for special loans for socially and economically disadvantaged small business owners.

Going forward, I will continue to advocate for improving access to capital for small business owners, providing affordable health care coverage to small businesses and creating educational opportunities for students interested in business. As such, I have joined as a co-sponsor of H.R. 1869, the Communities First Act, which would enhance the ability of community banks to foster economic growth and serve their communities, boost small businesses and increase individual savings. I am also a co-sponsor of H.R. 1849, Credit Union Small Business Lending Act, which would improve small business lending, as well as cooperation between the National Credit Union Administration and the Small Business Administration.

Related Documents:

Speeches and Floor Statements - Scott Statement on the Farm Bill 7.26.2007

Press Release - House Passes Scott Measure to Provide Loan Repayment Assistance 5.15.2007

Article - Scott’s job fair draws 3,100 job seekers 5.12.2007

Press Release - Congressman Scott Announces Third Annual Jobs Fair - May 11, 10am to 4pm 5.11.2007

Article - Clayton Neighbor: Congressman Scott to host third annual job fair 5.9.2007


More Documents...

Related Files:

Video: Scott Supports Shareholder Vote on CEO Compensation Packages

DistrictUpdate_APRIL_2007

Video: Scott Denounces Republican Amendment to Gulf Coast Hurricane Housing Recovery Bill

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