News From the
Committee on Small Business
Nydia M. Velázquez, Chairwoman

For Immediate Release                                                       CONTACT:  Alex Haurek; Duncan Neasham
March 18, 2009                                                                                                         (202) 226-3636

Congress Extends SBA Programs Set to Expire
 

WASHINGTON, D.C. — Congress last night passed legislation extending the Small Business Administration (SBA) and ensuring its services and programs continue to support the nation’s entrepreneurs.  Rep. Nydia M. Velázquez (D-NY), the Chairwoman of the House Committee on Small Business, said the agency’s services are needed now more than ever so small firms can weather the current financial crisis and help lead the nation to economic recovery.

“Small businesses are proven leaders when it comes to job creation and economic development, producing 60 to 80 percent of all new jobs,” Velázquez said. “Our recovery depends on small businesses to grow and hire workers, and the legislation passed today provides entrepreneurs the support to get off the ground and for local enterprises to be resilient and expand.”

H.R. 1541, introduced by Velázquez, extends until the end of July SBA programs that were set to expire at the end of this week.   Velázquez said that during economic downswings, many Americans start their own ventures, making the agency’s programs important to the nation’s economic recovery. 

“SBA programs provide critical resources and technical assistance, and the agency will need to play a vital role so small businesses can take full advantage of the lending and infrastructure opportunities under the recently passed American Recovery and Reinvestment Act,” said Chairwoman Velázquez. “But while continuing these programs is an important step, we must modernize the SBA so it can perform its mission effectively to meet the challenges our entrepreneurs face today.”

Velázquez said that later this year the House Small Business Committee will craft legislation to comprehensively update and reauthorize the SBA.    

“If there has ever been a time for a strong, effective SBA, that time is now,” Velázquez said.  “Later this year, the Committee will prepare legislation to fully reform the SBA and change the culture at the agency.  Ultimately, we will work to make the SBA stronger, smarter and more capable of fostering small business growth.”   

The legislation passed the House on voice vote. 

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