[Congressional Record Volume 155, Number 153 (Wednesday, October 21, 2009)]
[Senate]
[Page S10643]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]

      By Mr. KERRY:
  S. 1831. A bill to amend the Small Business Investment Act of 1958 to 
reauthorize the venture capital program, and for other purposes; to the 
Committee on Small Business and Entrepreneurship.
  Mr. KERRY. Mr. President, our country's small businesses continue to 
struggle with access to credit and capital for maintaining and growing 
their businesses. Small businesses are the engine of our economy and a 
key factor in addressing unemployment. They employ more than half of 
all private sector employees and have generated approximately 64 
percent of the net new jobs over the past 15 years. We should be doing 
more to aid small businesses so they can not only stay on their feet 
but also flourish to their full potential.
  That is why I am reintroducing the Small Business Venture Capital 
Act, which reauthorizes the New Markets Venture Capital Program and 
promotes geographic equity so businesses across the country may benefit 
from the program. This program addresses the market gap in venture 
capital for companies located in low- and moderate-income, rural, and 
urban areas--i.e., high unemployment areas--as well as the need for 
smaller deals that neither traditional venture funds nor the SBIC 
Program will make. It has proven successful so far, and we need more 
community development venture capital to create sustainable, high-
quality, local jobs.
  Without this Government partnership, these investments are not going 
to be done. Particularly at a time when our economy is pressured and 
hurting, when we need to create jobs, I encourage my colleagues to 
support this bill. Last Congress, this bill came out of the Small 
Business Committee in a totally bipartisan fashion and it is my hope 
that this time we complete the process.
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