[Congressional Record Volume 148, Number 73 (Thursday, June 6, 2002)]
[Extensions of Remarks]
[Page E980]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                    MICROENTERPRISE ENHANCEMENT ACT

                                 ______
                                 

                           HON. ANNA G. ESHOO

                             of california

                    in the house of representatives

                        Wednesday, June 5, 2002

  Ms. ESHOO. Mr. Speaker, I rise in support of this important 
legislation.
  Microenterprise is an effective and proven means of U.S. foreign aid 
that has successfully offered nearly 20 million of the world's poorest 
people the hope of economic independence and self-reliance.
  Loans, often averaging less than $150, allow people to start and 
expand very small businesses without depending on money-lenders who 
demand exorbitant interest rates.
  Access to the tools and credit needed to succeed allows poor people 
to reap the benefits of their skills and hard work.
  Extra money earned is used to obtain better food, housing and 
education.
  High repayment rates for microenterprise lending programs allow 
capital to be recycled into new loans; interest income allows programs 
to eventually cover their costs.
  This bipartisan legislation provides a substantial but responsible 
incremental increase in funding for microenterprise programs from its 
current level of $155 million to $175 million in fiscal year 2003 and 
$200 million in fiscal year 2004.
  The bill also educates Peace Corps volunteers about the benefits of 
microenterprise programs and urges them to utilize this as a resource 
in their sites.
  This important legislation will impact the lives of many families 
while empowering the world's most impoverished.
  I urge my colleagues to vote in favor of this bipartisan bill.

                          ____________________