[Congressional Record Volume 156, Number 7 (Thursday, January 21, 2010)]
[House]
[Page H323]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




                       THE SMALL BUSINESS AID ACT

  (Ms. MARKEY of Colorado asked and was given permission to address the 
House for 1 minute.)
  Ms. MARKEY of Colorado. Mr. Speaker, obtaining and maintaining credit 
is a serious issue facing most small businesses in this country. The 
lack of credit has caused a cash-flow crunch on many businesses, 
impacting their ability to grow, purchase new equipment or hire a 
worker. Approximately $2.5 billion in commercial loans will come due in 
the next year, and many banks will not be willing or able to renew 
them.
  On May 20, 2009, I introduced the Small Business AID Act, H.R. 2527. 
The Small Business AID Act will allow small businesses to utilize the 
SBA's 504 loan program to refinance existing debt. Low interest rates 
in conjunction with this bill allow small businesses to reduce their 
debt while raising their cash flow. This bill is temporary in nature, 
limiting debt restructuring for 2 years. The bill is also deficit-
neutral. Over 94 percent of my colleagues have certified development 
companies in their districts which provide loans to small businesses. 
These loans amount to an average of $1.6 million investment in small 
businesses in each of our districts, and the average number of loans 
per year per district is three. That means almost $5 million invested 
in businesses, purchases, employees.
  Senator Landrieu introduced S. 2869 on December 10th, which includes 
provisions which are similar to The Small Business AID Act. The Senate 
Committee on Small Business and Entrepreneurship conducted hearings and 
has reported the bill favorably.
  Our economy needs a shot in the arm. The Small Business AID Act is a 
simple cost-free fix to infuse more cash into our economy. I urge all 
members to support H.R. 2527.

                          ____________________