[Congressional Record Volume 154, Number 160 (Thursday, October 2, 2008)]
[Senate]
[Page S10489]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Ms. SNOWE (for herself, Ms. Cantwell, and Mr. Stevens):
  S. 3682. A bill to provide incentives to small business concerns for 
innovative energy-efficient technologies and products, and for other 
purposes; to the Committee on Energy and Natural Resources.
  Ms. SNOWE. Mr. President, I rise in support of the Small Business 
Energy Innovation Act, which I am introducing today to inspire 
Americans to invest in the technologies that will ultimately solve our 
energy crisis. As our country confronts the challenges of an economic 
crisis it is essential that the financial resources for our nation's 
energy entrepreneurs are sustained. This legislation will provide 
technical assistance and make financial resources available to ensure 
that energy innovators have greater access to capital to develop 
meritorious energy ideas.
  One of the truly concerning aspects of the current financial 
situation is that loans to small businesses are becoming more difficult 
to obtain. One industry in particular, our clean energy sector, is 
working harder to find startup funds in order to help meet the 
challenges of greenhouse gas emissions, energy costs to consumers, and 
our reliance on foreign oil. At a recent speech in Atlanta, author Tom 
Friedman urged America to retake the lead in the world through 
innovation in ``ET''--Energy Technology. Friedman said the United 
States needs to ``invent a source of abundant, cheap, clean, reliable 
electrons.'' He compared the ``ET'' movement to the ``IT'', Information 
Technology, movement of the last decade. The author called on 
Washington to create the environment and the incentives to allow the ET 
movement to prosper.
  As Ranking Member of the Small Business Committee, I have heard 
countless stories of small business success and how the Small Business 
Administration can facilitate the transition of a small business to a 
major company. Nowhere is this role more critical than in our renewable 
energy sector. Businesses and families are struggling with the 
inordinate costs of diesel, gasoline, electricity and home heating oil. 
Yet, we know that our country can do better. We must develop 
technologies that allow Americans to utilize clean energy from 
America's resources. Accordingly, my legislation would create a 
Director of Energy Innovation in the Small Business Administration who 
is entrusted with coordinating energy innovation at the SBA and 
``promoting energy independence.''
  In addition, the legislation provides grants of up to $200,000 for 
nonprofits to assist small businesses that are developing renewable 
energy systems, advanced energy efficiency systems, advanced 
transportation fuels, carbon capture and sequestration practices, 
advanced electrical generation, efficient end-use energy technologies, 
production facilities for fuel efficient vehicles, and pollution 
control equipment. These critical initiatives require expertise that 
is, in many cases, difficult for a small business to find. This 
provision will assist small businesses in bringing products to market.
  The Small Business Energy Innovation Act creates in the Department of 
Energy a grant program of up to $250,000 for small businesses that are 
working to improve our energy security. When you consider the potential 
dividends of this investment, this critical seed money for energy 
innovators who are leading our energy revolution is a prudent 
investment. The potential rewards to our economy, our environment, and 
our national security are well worth this modest government 
expenditure.
  Finally, this legislation develops a small business guaranteed loan 
program that is modeled after the loan guarantee program that was 
authorized in the 2005 Energy Bill. The current loan guarantee program 
is fostering the development of commercial scale innovative 
technologies for large companies, while this legislation will develop a 
corresponding small business loan program. Loan guarantees will enable 
the Department of Energy to share some of the financial risks of 
projects that employ new or significantly improved energy technologies 
that will move our country towards energy self-sufficiency.
  I hope that this legislation, coupled with the America Competes Act, 
which I cosponsored last year, will bring about the research and 
entrepreneurship that our country requires to claim the lead in 
producing energy efficient products. I look forward to working with 
Chairman Bingaman of the Energy Committee and Chairman Kerry of the 
Small Business Committee and my other colleagues to pass this 
legislation and create a strong commitment to the energy innovators who 
possess the ideas that will facilitate the end to our reliance on 
foreign oil.

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