[Congressional Record Volume 153, Number 71 (Wednesday, May 2, 2007)]
[Extensions of Remarks]
[Page E912]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




            SMALL BUSINESS LENDING IMPROVEMENTS ACT OF 2007

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                               speech of

                           HON. RUSH D. HOLT

                             of new jersey

                    in the house of representatives

                       Wednesday, April 25, 2007

       The House in Committee of the Whole House on the State of 
     the Union had under consideration the bill (H.R. 1332) to 
     improve the access to capital programs of the Small Business 
     Administration, and for other purposes:

  Mr. HOLT. Mr. Chairman, I rise today in support of the Small Business 
Lending Improvements Act of 2007. H.R. 1332 is part of an ambitious 
legislative portfolio that will fulfill the Innovation Agenda. I was 
proud to help craft the Innovation Agenda, on which our Nation is 
dependent for its future prosperity.
  Small businesses are a big part of the U.S. economy. In fact, small 
businesses employ more than half of all private sector employees and 
pay 45 percent of the total U.S. private payroll. New jobs come 
disproportionately from small businesses, which generated 60 to 80 
percent of new jobs in the past 10 years.
  Small businesses face big challenges. Too often they must depend on 
costly lending alternatives, including credit cards. Personal credit 
cards are the primary funding source for U.S. entrepreneurs. Borrowing 
fees and high interest rates weigh heavily on small businesses.
  As presented in Rising Above the Gathering Storm, our Nation faces 
unprecedented challenges to its international competitiveness and 
quality of life. Small businesses are catalysts for technological 
innovation, and the entrepreneurship of small American startups 
occasionally has revolutionized our economy and lives. The viability of 
American small businesses is inextricably linked to the future 
prosperity of all our citizens.
  This Act makes American entrepreneurship more viable. It improves the 
existing 7(a) (business start-up loan) program and the existing 504 
(certified development company economic development loan) program to 
better serve veterans, rural areas, and areas lacking sufficient 
medical expertise. It improves eligibility requirements for designation 
as a certified development company (CDC), revises procedures around the 
foreclosure and liquidation of defaulted small business loans, and 
authorizes loans for projects that reduce energy consumption by at 
least 10 percent.
  I encourage my colleagues to support this resolution. This can help 
us gain and retain a lead in economic prosperity and quality of life.

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