[Congressional Record Volume 150, Number 73 (Friday, May 21, 2004)]
[Extensions of Remarks]
[Page E963]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                      NATIONAL SMALL BUSINESS WEEK

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                    HON. JUANITA MILLENDER-McDONALD

                             of california

                    in the house of representatives

                         Thursday, May 20, 2004

  Ms. MILLENDER-McDONALD. Mr. Speaker, I rise to recognize the Small 
Business Administration, its employees all over the nation and its 
resource partners during ``National Small Business Week.''
  Mr. Speaker, small businesses play a vital role in our nation's 
economy. Many people have heard the phrase that small business is ``the 
engine of our nation's economy,'' and perhaps no truer words have ever 
been used to describe how important the entrepreneurial spirit and 
dedication of the approximately 23 million small businesses are to the 
continued health and welfare of America.
  Small businesses represent 99.7 percent of all employers, employ half 
of all private sector employees, generate 60 to 80 percent of net new 
jobs annually, and make up 97 percent of all exporting firms.
  American small businesses are extremely diverse, and despite the 
current economic climate, some are thriving. In particular, female 
participation in business ownership has been climbing in recent years. 
Women now own around 40 percent of all small businesses and are growing 
at twice the rate of other small firms. In fact, the 9.1 million women-
owned small businesses in this country employ 27.5 million people and 
add $3.6 trillion to the economy.
  About 5.8 percent of small businesses are owned by Hispanic 
Americans, 4.4 percent by Asian Americans, and 4 percent by African 
Americans.
  As the Ranking Member of the Subcommittee on Tax, Finance and 
Exports, I have long been an advocate for a level playing field for 
small businesses.
  I have introduced legislation, HR 2374, which would allow minority 
small business owners participating in the Small Business 
Administration's 8(a) minority contracting program into teaming, 
leader-follow arrangements and joint ventures.
  I have also authored legislation, HR 2375, that would change the IRS 
Code to allow small business owners to offer their employees greater 
savings opportunities under SIMPLE (Savings Incentive Match Plan for 
Employees) IRAs.
  Finally, I have introduced HR 3099, legislation that would give the 
SBA authority to make loans to nonprofit day-care centers. This 
bipartisan measure helps not only non-profit small businesses, but 
gives parents a viable daycare option as they work during the day.
  Mr. Speaker, small businesses are indeed the engine that makes our 
economy run smoothly, and I urge all my colleagues to take a moment 
this week and reflect on the hard work of our nation's entrepreneurs, 
the financial and regulatory hurdles they face everyday, and the 
measures I have proposed to make the full-time job of running a small 
business easier.

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