[Congressional Record Volume 161, Number 115 (Wednesday, July 22, 2015)]
[House]
[Pages H5342-H5343]
From the Congressional Record Online through the Government Publishing Office [www.gpo.gov]




      AUTHORIZATION INCREASE FOR SMALL BUSINESS 7(A) LOAN PROGRAM

  (Ms. JUDY CHU of California asked and was given permission to address 
the House for 1 minute and to revise and extend her remarks.)
  Ms. JUDY CHU of California. Mr. Speaker, I am here to ring the alarm 
bell on the pending expiration of a very important program next week.
  It is the Small Business Administration's flagship 7(a) loan program, 
which

[[Page H5343]]

provides long-term loans to small businesses that are unable to secure 
financing through conventional channels.
  About 80 percent of small-business owners who apply for a non-SBA 
loan get rejected. It is SBA's 7(a) program that gets them the money 
they need to succeed. In my district alone, more than $2 billion in 
capital has been provided to small businesses since 1990.
  Not only does 7(a) lending directly support American jobs, it also 
operates at zero cost to taxpayers. We cannot let this successful 
program lapse. At the current rate of lending, this program could be 
forced to shut down as soon as next week.
  I urge the Speaker to act on this critical issue before the August 
recess and make sure that our small businesses thrive.

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