News From Congresswoman
Nydia M. Velázquez
Representing New York's 12th Congressional District - Brooklyn, Manhattan, Queens
Ranking Democratic Member, House Small Business Committee

For Immediate Release
July 6, 2004

CONTACT: Kate Davis, Allyson Ivins, 202-225-4038

MEDIA ADVISORY

House Democrats to Address Funding Cuts for Vital SBA Loan Programs
Press conference to address cuts in funding for SBA's flagship 7(a) loan program

WASHINGTON - Congresswoman Nydia Velázquez, Ranking Democrat on the House Small Business Committee, Democratic Leader Nancy Pelosi, and small business leaders will announce a bipartisan amendment that will be offered to restore funding for the Small Business Administration's (SBA) 7(a) program to last year's level of $79 million.

As the Commerce, State and Justice (CJS) bill stands now, no funding is provided for SBA's flagship 7(a) program. Failure to pass this amendment will result in an increase in fees for both small businesses and lenders. The amendment will be voted on the House floor today.

The 7(a) loan program provides 30 percent of all long-term, small business financing, and is the government's primary business loan guarantee program. Through this program, small businesses, the backbone of our economy and the main job creators in this country, are able to spur economic growth. At a time when the Bush administration and Congressional Republicans should be investing in these programs, the spending bill proposes to provide absolutely no funding. Without such programs in place, the U.S. will be unable to attain a sustained period of economic recovery and job creation.

When and Where:

When: Wednesday, July 7, 2004, at 10:30 a.m.

Where: U.S. Capitol, H-203

Who: Rep. Nydia M. Velázquez, Ranking Democrat
Democratic Leader Nancy Pelosi
Small Business Leaders

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