[Congressional Record Volume 151, Number 54 (Thursday, April 28, 2005)]
[Senate]
[Page S4534]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                     SMALL BUSINESS ADMINISTRATION

  Mr. FRIST. Mr. President, Benjamin Franklin once said: He that would 
fish must venture his bait.
  In America, we have millions of creative women and men and even teens 
who cast their reels every day in the hopes of catching the American 
dream. And fortunately we have the most vibrant economy in the world 
and the Small Business Administration to help them.
  This week the Small Business Administration is hosting its annual 
celebration of America's entrepreneurs at the Washington Hilton. 
President Bush spoke to the group several days ago in recognition of 
their tremendous contributions. One of the topics that had been 
discussed over the course of the week is just how important are small 
business owners. These innovators create 60 to 80 percent of new jobs 
nationwide. They generate more than 50 percent of the gross domestic 
product. Small business owners are the heart of the American 
marketplace, and their contributions to jobs and productivity are its 
lifeblood.
  In my home State of Tennessee, over 97 percent of all businesses are 
small businesses. Women-owned businesses generate billions of dollars 
in revenue and employ tens of thousands of workers. Minority-owned 
firms, the fastest growing small business sector in America, account 
for nearly 33,000 small businesses in Tennessee. Elisa Comer, CEO of 
Eagle's Landing Transcription Service over in Johnson City, TN, has 
been chosen this year as one of the Small Business Administration's 50 
small business people of the year. Elisa's company offers cutting edge 
electronic technology that improves medical recordkeeping.
  This happens to be an issue that in my capacity as a Senator I have 
worked on very closely. Companies that provide up-to-the-minute medical 
records technology are crucial to improving patient care, to improving 
patient safety, and improving efficiency in the medical field. Workers 
and consumers depend on entrepreneurs such as Elisa to generate jobs 
and to provide higher quality products and services. And with the help 
of the Small Business Administration, America's entrepreneurs can get 
their ideas off the ground and into the neighborhood near you.
  Take, for example, the restaurant chain Outback Steakhouse. It may 
come as a surprise to some, but Outback Steakhouse is not headquartered 
in Australia. It is headquartered right here in America, down in Tampa, 
FL. In a little over a decade, Outback Steakhouse has grown from a 
small restaurant operation into a nationwide phenomenon. In February of 
1990, the 2\1/2\-year-old company employed approximately 300 people and 
had a net worth of less than $2 million. That year it received a boost 
from the Small Business Administration. Ten years later, the restaurant 
chain employs more than 38,000 people and in 1999 posted revenues of a 
dizzying $1.6 billion. Outback has restaurants in 48 States and 13 
countries as far away as Seoul and Rio de Janeiro.
  Another dazzling example of the Small Business Administration's 
catalytic effect is Staples. It started as a single office supply store 
in Brighton, MA, in 1986. The office supply store is now the country's 
largest operator of office superstores. Staples employs 58,000 people 
and has annual gross sales of $11.6 billion. It even offers products 
and services to up-and-coming small businesses to help them cut costs.
  The Small Business Administration has helped more than 22 million 
Americans start, grow, and expand their businesses. It has become the 
Government's most effective instrument for economic development. With 
its help, small companies have grown from a handful of employees into 
thousands.
  The SBA is just one part of our efforts to support job-creating 
policies. In 2003, the Jobs and Growth Tax Relief Act we passed 
provided more than 25 million small business owners with tax relief 
totaling $75 billion. In fact, small businesses received 80 percent of 
the benefits of the reduction of the top marginal tax rate. The tax 
relief package quadrupled the amount small businesses can expense for 
new capital investments, which will lead, and has led, to new 
investment in technology and machinery and other equipment. It phases 
out the Federal death tax, ensuring that family business owners are 
able to leave their businesses to their families or key employees.
  These policies are helping to create new jobs and increase 
productivity and make every consumer's dollar go farther. Remington's 
electric shaver magnate Victor Kiam once observed:

       Entrepreneurs are simply those who understand there is 
     little difference between obstacle and opportunity and are 
     able to turn both to their advantage.

  I commend my fellow citizens who possess this talent to turn 
obstacles into opportunity, not only to their advantage, but also to 
the advantage of us all. Their risk-taking and creativity help keep 
America moving forward.

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