[Congressional Record (Bound Edition), Volume 149 (2003), Part 16]
[Extensions of Remarks]
[Page 22447]
[From the U.S. Government Publishing Office, www.gpo.gov]




   HONORING THE SMALL BUSINESS ADMINISTRATION ON ITS 50TH ANNIVERSARY

                                 ______
                                 

                               speech of

                       HON. JANICE D. SCHAKOWSKY

                              of illinois

                    in the house of representatives

                      Tuesday, September 16, 2003

  Ms. SCHAKOWSKY. Mr. Speaker, I rise today to honor our Nation's small 
businesses. Today we are marking the 50th anniversary of the SBA, an 
agency with the critical role in our country of supporting and 
promoting small businesses. Twenty-three million small businesses 
nationwide produce more than two-thirds of all new U.S. jobs; generate 
more than half of our Gross Domestic Product; represent 99.7 percent of 
all employers; and provide almost all workers with their first jobs. 
Small businesses in America form the backbone of the American economy 
and they are economic anchors in our communities.
  In my home State of Illinois, close to 98.2 percent of our almost 
280,000 employer businesses are small businesses with fewer than 500 
employees. Currently, there are an estimated 6.2 million women-owned 
businesses in the United States, accounting for 28 percent of all 
privately held firms. These firms generate $1.15 trillion in sales and 
employ 9.2 million workers. Minority-owned businesses have quadrupled 
over the last decade. Minorities now own 15 percent of American 
businesses and 99 percent of these firms are small businesses. The fact 
that small businesses make a substantial contribution to our economy is 
undeniable.
  America's small businesses could also act as a driver for our 
weakened economy. But they are struggling. They are struggling to cover 
the soaring cost of providing their employees with healthcare and they 
are struggling to simply survive in the Bush economy. Only 3 percent of 
the benefits of the $350 billion tax cut package that President Bush 
sold as a ``job creation plan'' went to small businesses. Instead of 
benefiting those companies that create the most new jobs, the 
President's tax breaks go into the pockets of the wealthiest Americans.
  We should do more than mark the 50th anniversary of the SBA. We 
should take immediate action to help our small businesses and their 
employees. We should pass this resolution today, but we must then 
follow through with real relief to small businesses. Our small business 
owners and employees know that if you expect to succeed, you don't keep 
your customers waiting. We can't allow President Bush to keep our small 
businesses waiting much longer.

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