[Congressional Record Volume 155, Number 163 (Wednesday, November 4, 2009)]
[Extensions of Remarks]
[Page E2706]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




PROVIDING FOR CONSIDERATION OF H.R. 3854, SMALL BUSINESS FINANCING AND 
                         INVESTMENT ACT OF 2009

                                 ______
                                 

                               speech of

                            HON. JARED POLIS

                              of colorado

                    in the house of representatives

                       Thursday, October 29, 2009

  Mr. POLIS. Madam Speaker, I rise in support of this rule and the 
underlying bill H.R. 3854, the Small Business Financing and Investment 
Act. I would like to thank Chairwoman Velazquez and my colleagues on 
the Small Business Committee for bringing us a comprehensive well 
thought-out bill. I would also like to acknowledge and thank my friend 
from Oregon, Representative Schrader for introducing this legislation 
and working hard on such an important issue.
  Madam Speaker, while there are positive economic indicators and 
reasons to believe that we are on a path of recovery, this fragile, 
budding recovery could be stalled if we do not provide our small 
businesses with the tools to maintain their operations, begin to expand 
and create new jobs, and restore consumer confidence.
  H.R. 3854 will significantly improve access to credit and capital for 
small businesses at each stage of growth and in any economic climate. 
An update of the SBA's portfolio of lending and investment programs is 
10 years overdue, and the current recession makes the task of helping 
more small firms, grow, prosper, and save and create jobs even more 
vital.
  As we speak, once frozen credit markets are beginning to thaw, and 
the Small Business Financing and Investment Act will prove to be a 
welcome heat gun. This bill will improve credit conditions for small 
businesses and stabilize small business lending markets, improving the 
availability of capital for small firms. This includes increasing the 
guaranty on 7(a) loans to 90 percent, waiving fees on 7(a) and CDC 
loans, and improving the Business Stabilization Loans by increasing the 
loan amounts to $50,000.
  By raising SBA loan guarantees and reducing risk for lenders, this 
bill allows banks to make lending more accessible to small firms early 
next year. By helping small firms purchase new equipment and inventory, 
the bill will help stimulate the economy and help reduce overall 
unemployment. As an added benefit, an increase in lending activity will 
also improve the health of our banking industry.
  Through this bill, bankers will be able to recapitalize--through 
their efforts of supporting business--instead of seeking Federal 
bailouts. Recognizing the benefit to their industry, H.R. 3854 has 
received the endorsement of American Bankers Association.
  This bill will benefit businesses nationwide. It makes permanent the 
Rural Lender Outreach Program, Community Express, and Veteran 
Participation Loan Program. Each of these programs share a common goal 
of assisting borrowers who have not accessed SBA programs or who have 
traditionally had limited access to capital.
  On behalf of my constituents in Colorado, I would like to 
particularly thank the Chairwoman and Committee for their work on 
drafting Subtitle B--expanded investment in small business renewable 
energy, and title VII (seven)--the small business early-stage 
investment program. The spirit of entrepreneurship in my district is 
only matched by our commitment and talent to lead in the renewable 
energy economy. These programs encourage new businesses to start; 
encourage all businesses to recognize cost saving through energy 
conservation; and promote new firms to develop and market renewable 
energy resources. And they are all strongly supported by the people of 
Colorado's second Congressional district.
  Without discounting the struggles of those who have lost their jobs, 
it should be noted that Colorado enjoys one of the lowest unemployment 
rates in the nation at seven percent. This, in part, is due to the 
diversity of my state's economy, the predominance of small businesses, 
and the efforts by state and local governments to foster 
entrepreneurship across all industries.
  Nationwide, small businesses create 64 percent of new jobs. This bill 
is expected to support $44 billion in small business lending every 
year, and will help save or create 1.3 million jobs each year. Small 
firms comprise 99.7 percent of all employer companies; this bill is 
more than an investment in small businesses, it is an investment in 
American job growth.
  Madam Speaker, oftentimes, the psychology of recovery is as important 
as the funds spent to drive it. By passing this legislation, this 
Congress makes a plain statement that we have great confidence in our 
fellow Americans to help each other get back to work.
  We state that with a little help local bankers and local merchants 
can come together to stock shelves and pay salaries. We tell our 
businesses that we will provide the tools to weather the remainder of 
the storm; we use traditional market mechanisms to do it; and we back 
our confidence with the full faith and credit of the United States 
government. This is a powerful message and I am proud to lend my voice 
to this cause.
  Once again I recognize the efforts of Chairwoman Velazquez and the 
Small Business Committee on job growth and I thank Representative 
Schrader introducing this legislation that we will have the opportunity 
to vote on today. I strongly support this rule and ask my colleagues to 
join me in supporting this rule and the underlying bill.

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