[Congressional Record Volume 153, Number 70 (Tuesday, May 1, 2007)]
[Senate]
[Pages S5393-S5394]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. KERRY (for himself, Ms. Snowe, and Mr. Levin):
  S. 1256. A bill to amend the Small Business Act to reauthorize loan 
programs under that Act, and for other purposes; to the Committee on 
Small Business and Entrepreneurship.
  Ms. SNOWE. Mr. President, as ranking member of the Senate Committee 
on Small Business and Entrepreneurship, I rise today to join with 
Senator Kerry in introducing, the Small Business Lending 
Reauthorization and Improvement Act of 2007. This bill is especially 
timely considering the Nation recently celebrated National Small 
Business Week, and this body just passed the America COMPETES Act, a 
bill that invests in innovation and education to improve the 
competitiveness of the United States in the global economy.
  The impact small businesses have on our country's economy and the 
technological innovations they create simply cannot be overstated. 
Small hi-tech firms represent the most innovative sector in America. 
According to the Small Business Administration's Office of Advocacy, 
these businesses hold over 40 percent of the Nation's patents, obtain 
13 to 14 times more patents per

[[Page S5394]]

employee than large businesses, and secure patents which are twice as 
technologically significant as larger firms. With American jobs and our 
security at stake, it is essential that we support innovation programs 
to meet national challenges in defense, healthcare, energy, and 
information technology.
  A critical partner for small businesses is the Small Business 
Administration, SBA, whose fundamental purpose is to ``aid, counsel, 
assist, and protect the interests of small-business concerns.'' The 
SBA's methods for carrying out this mandate vary widely, but the 
agency's primary tool is found in its small business lending programs. 
The SBA's 7(a), 504, and Microloan programs are tailored to encourage 
small business growth and expansion. With small businesses representing 
99 percent of all employers, creating nearly 75 percent of all net new 
jobs, and employing 51 percent of the private-sector workforce, it is 
essential that Congress affirms long-term stability in the lending 
programs the SBA provides to the small business community.
  As it has in the past, the SBA continues to meet the demands of small 
businesses, both in my home state of Maine and across the county. In 
fiscal Year 2006, the SBA backed a net 100,197 loans totaling over 
$19.1 billion under the 7(a) and 504 programs. In fact, both the number 
of loans and the dollar amount represent record amounts for the 
agency--dramatically highlighting the significance of the SBA and the 
critical role it plays in our nation's economy.
  The foundation for the bill Senator Kerry and I are introducing today 
started during the 109th Congress under an extensive reauthorization 
process which I led. This process ultimately culminated in the 
unanimous Small Business Committee passage of a comprehensive SBA 
reauthorization bill. I firmly believe that the Small Business Lending 
Reauthorization and Improvement Act of 2007 will help the SBA continue 
its legacy of achievement.
  The SBA's loan and investment programs have produced success story 
after success story, which include assisting the founders of Intel, 
Staples, and Federal Express, as well as thousands of other successful 
businesses. Our bipartisan measure will build upon these past successes 
and make the SBA even more effective. As former Chair and now ranking 
member of the Small Business Committee, I believe we must do everything 
possible to sustain prosperity and job creation throughout the United 
States. To achieve that goal, I have long fought to solidify and expand 
the reach of the SBA's programs that have helped millions of aspiring 
entrepreneurs and existing small businesses.
  Small businesses yearn to grow, flourish, and thrive, and the SBA has 
the experience and the resources to be their bridge to success. It is 
essential that we upgrade the SBA's core lending programs for the 21st 
century entrepreneur. The American economy needs a strong and vibrant 
Small Business Administration. The Small Business Lending 
Reauthorization and Improvement Act of 2007 will build on the previous 
success of the Agency, and help to ensure the success of tomorrow's 
entrepreneurs.
                                 ______